Skip the recession, get an MBA?

After reading through about 40 of these comments, I came to a couple conclusions. First being that the people without MBA’s (or the capabilities to get such a degree) tend to be seroiusly against the idea. I would encourage these people to do their research. Not only have MBA salaries been nearly 70% higher on average than salaries for those without the degree, the breadth of knowledge gained is irreplaceable and much desired by corporations.

Second, those of you who complain about not being placed in a high paying job after completion of your MBA have nobody to blame but yourself. Getting your MBA is as much about learning as it is networking with recruiters and alumni. In my opinion, your MBA coursework is less than half of what the process is all about. I come from a not very well connected lower-middle class family and have loads of debt. However, I did not use any of that as an excuse and reached out to over 150 alumni currently working on Wall Street. I landed an internship with a prominent Investment Bank and it was because of determination and perseverance.

I would also encourage you to not put so much stake in what school you go to. Yes, I do attend a top-tier school, but nearly every major university has successful alumni in all fields.

Believe in yourself, not in what others say (or post) and get the best out of your MBA. You can get your MBA anywhere, but IT’S WHAT YOU DO WITH IT that really matters.

The education that I received from my graduate program has help me in understanding corporate America. More so, the research in the graduate program has help me understand my current position and management. Graduate programs are not to guarantee better pay. Individuals must go out and find their way either by networking or by gaining experience. It is as simple as putting the two together. No employer is going to hire someone just because of a MBA. I have a MBA in Information Technology Management. Problem is my experience is not more than two years in the IT industry. Ceriftication matters in IT so that means I must get experience and go back to school to get more certs. I got the Masters only because I wanted to prepare my self for a Docorate program. Look back the Masters helped becoming what is expected of me on the graduate level. I am looking to teach college as a ajunct instructor part-time and work in IT. There is no reason for me to give up my dream due to the economy and requirements of employers I am going to market my self as a product and keep trying.

Sashah, your age is not a problem, since most good MBA programs (at least in the U.S.) prefer applicants to have several years or real-world business experience before pursuing an MBA. The real question is, do you have a clear idea of exactly where you would like to be heading in your career, and what you think an MBA can do to help you get there? Just wanting to advance is a little vague as a reason (everybody wants that!) You’re more likely to get into the program of your choice if you sharpen your focus a bit.

Hi, I am a 31 year old with nearly 6+ years of experience in Sales and currently working in Media company as Business Development.

I have been thinking to do an MBA from past two years but have not so far due to various factors and also I generally see people coming from engineering / software programming or finance background to do MBA, but as me currently working in Media industry not sure whether MBA is the right path for me to grow.

My current salary is GBP30,000 pa and I want to grow and advance in career and I always have this thing going in mind that will MBA will help me to step up the ladder.

I have always been passionate about MBA but will have to take loan apart from stretching to get into a good B-School.

I already hold a Master Degree in IT but surprisingly not working in IT industry. Since past 4 years I have been working in a Post Production company which provides services to Feature Film and Broadcast Industry and I handle the Business Development side.

I am interested in part time / executive MBA as I would also like to continue my job but at this point of time but I am still confused whether MBA is right for me or not due to the amount of money involved & my age.

Would appreciate your feedback and suggestions

I’m not sure where you people work, but in every place I’ve been employed MBA’s make more and have more opportunity to grow within the company. Unfortunately, work ethic has nothing to do with it. I wish it did. In the end it depends if you are going into an industry that will value the MBA degree. For some industries it is essential to be considered as a serious candidate, while in others an undergraduate degree is sufficient. It also depends on the school you go to. A top tier school can do a great deal for your career, however some lesser schools might waste your time and money.

If an MBA is an absolute requirement for something you’re passionate about doing with your career, it makes sense.

Otherwise, I don’t see the point. If you’re bright and talented and motivated to learn, and spend a few years in dynamic, well-run companies getting good experience (and making contacts), you’ll succeed just as easily as anyone with an MBA. And you’ll learn as much or more about business. Conversely, having an MBA without all the experience and other attributes won’t take you very far.

I’ve worked in corporate jobs for over 20 years, and I haven’t known a single person who got promoted just because they went back and got an MBA. Do some serious research into whether it matters to your current company, your future desired employers, or your industry before you spend the money and time.

Another consideration is that if you won’t be working while completing the MBA, you’re losing a couple of years of salary on top of the cost of the program. Be sure to include that in the ROI calculation.

What’s the point of business school when you can just get a BAILOUT? Why know how to make good decisions when you can just run a bank with the political connections to fix your mistakes with taxpayer money?

bailoutprizepatrol.com

As I have said in other posts, I have an MBA and it has done nothing for me. Granted I live in a crappy city for professionals (Orlando….new motto…Like Newark with Palm Trees)and ended up going back to school and getting a degree in Xray. Go figure, an xray tech with an MBA. I truly wish I had saved the money and pursued something more viable.

I am currently enrolled Indiana’s Kelley Direct online program because I need more business education before I start my business. I have a humanities/social science degree with no business background. My business plan was near complete and the likelihood of investors contributing and people making purchases diminished as the economy tanked. To better my odds in my quest for financing and running my business efficiently I will be better prepared as the economy rebounds. Also, my business is dedicated to social/environmental change. Greed does not motivate all MBA candidates.

I manage a department of 35 people, most of whom are under 30. Several of them have MBAs – and none of those are making a ton of money. Why??? One simple issue: WORK ETHIC.

Work is NOT about coming in around 9, reading news and personal email for an hour, grabbing a Starbucks, doing a little work, leaving for lunch at 11:30 (so it won’t “take so long to get served” during the lunch rush), moseying back sometime after 1 (because no one else is back until after 1 either so you “can’t get anything done”), checking work and personal email, doing Facebook for 15 minutes, doing a little work, going to a meeting, checking out last night’s episode of “Lost” online, doing a little work, then leaving around 5 or 5:30.

If you can look yourself in the eye and say “I’ve given my employer an honest day’s work for an honest day’s pay”, are motivated by doing a great job every day because it’s the RIGHT THING TO DO, and believe pursuit of the MBA will enhance your work ethic, positive attitude, and problem solving skills, then it WILL pay off for you, eventually.

People who whine about it doing nothing for them don’t recognize that THEY are the problem, not the degree.

ACTUALLY WORK FOR 40 HOURS A WEEK or more, then see what happens to your future in your organization. When we do layoffs, it is ALWAYS performance based. The lazy lame-os who think we owe them a paycheck for showing up every day are the first to go.

Going back to B-school is the worst decision, especially as a business decision, one can make now. There will be no market for current type MBAs, produced by a B-school system that caused much of the problem in our economy today. Think for yourselves!

Thanks Annie, I will have a look over their statistics today. I have allready exhausted the UK statistical resources – Office of National Statistics and various educational departments, but all only have information for the past 10 years of so and we were hoping to look back to the 70’s.

This is why I have begun to look globally, to see I can find a similar style economy with an obvious trend.

Fingers crossed the link you’ve provided will get me somewhere

Thanks for your time

Alex

Alexander, have you tried the U.S. Department of Education’s National Center for Education Statistics, at http://www.nces.ed.gov? They have a ton of research on trends in education, including a post-secondary division. Of course, the data are for the U.S. only, not England! But maybe there is a comparable government source of info in the U.K. as well?

Debra, by law employers have to extend COBRA coverage to ex-employees for 18 months, not one month. I would go back to your former employer and ask about that, if I were you.

Hi All,

I am a second year Economics undergraduate studying at the University of Bath and have undertaken a group project looking at the employment prosepects for undergraduates given the current recession.

One of my duties is to try to find evidence of changes in applications for masters degrees during previous recessions, to show trends and make a prediction on what may happen during this recession.

If anyone could point me towards any articles or datasets that will help my research I would be extremely grateful, I have spent almost a day browsing now and come up with very little!

Thanks in advance for your time

Alex

Though I had seniority, I was just laid off after 9 years on the job. I was offered 2 weeks severance, vacation pay and 1 month cobra. Do you think this sounds appropriate?

Snake, do you have some further comment?

These posts are quite interesting.

Getting an MBA is not evil in itself, but the modern-day MBA is no more than a connection-driven, job-hunting, position-seeking individual. They eventually find their way to the upper echelons of companies like GM, where their lack of understanding of the industry and lack of commitment to the company (and more of a commitment to their personal ‘brand’ in how they might position themselves for their next job) completely backfires.

Just like the overall problems with our economy, the motivation behind getting an MBA, along with the nature of people who seek MBAs, will change with time. Nature has already taken its course in the investment banking world to a good degree. Nature has also taken its course in the overthrow of the Republican party. It has also been a joy to see opportunistic major record labels get hit with the advent of the internet and mp3s. When Goliaths fall, they fall hard…the day will come when new innovators take their companies to the next level, with MBAs, lawyers, and investment bankers as the grease that helps turn the wheel, not the lever itself…

Spend $40k, get an MBA and get paid less or the same. Not a good return. Take the money and start a business is worth a heck of a lot more than a piece of paper.

I am accepted in the full time MBA for Fall 09 in the best business school in Asia (whose FT 2009 ranking just moved 1 place up beating the 800 years old UK school…)and have pretty much decided to skip it…

It might sound ‘prophetic’, but I saw this recession thing coming around the globe…how…a couple of factors that will make no sense to the readers, but simply put…the economies everywhere were getting way hot, and all this HAD to hit a ceiling. It did!

So that is why I decided to go for an MBA prior to the current economic trend starting. Will it help? I agree with some postings in this forum which say they will not…BUT…if you dont have it and will get it now, it will a plus…and more importantly it will be a refresher, contact wise, learning wise and life wise! Good Luck!

Grad programs/MBA’s are a great way to start your career, but there is so much they dont tell you.

I wish i found this site when i started my career:

http://graduatedevelopmentprogram.com/chapters/

it would have saved me from making so many mistakes….I hope you find it useful

I’ve just started working on my MBA part-time, but it’s only by coincidence that I started on it in this economy. I’m an engineer and realize after 5 years of work experience that an MBA will help add value to my work, but will not define my career. If getting an MBA fits into the big picture of your long term career goals, then go for it. However, don’t pursue it just for job security, a pay increase or keep you busy during the recession. You’re better off focusing on other improvements you can make to make yourself valuable such as certifications, networking skills, etc.

Regardless of whether or not MBA graduates are a dime a dozeon these days, if it is somthing you really want to do for all the right reasons, then by all means do it. As an engineer, I knew I had much more to contribute to my employer (and my career) than just technical skills. I’ve had prior [pockets of ad-hoc experience with management and business development, but the MBA helped me fill in the gaps to help me get to the next level, where I can be of greater value to my employer.

Quitting a job (in this economy) to to go school just to skip the recession is a bad idea in and of itself, but you can apply to a program, get accepted, and then defer enrollment until you are ready (such as after getting laid off and collecting a severence package).

On the other hand, if skipping the recession (or avoiding reality as I remember it) is your goal, might as well go for a PhD. However, just like an MBA, getting a PhD means having a clear direction as to what you want to do with it, and avoiding reality doesn’t qualify as a clear direction.

I have an MBA. What’s interesting about this downturn in my mind is that it was to a great extent brought to us by the best and the brightest, by people with MBAs from the top schools. I think Business Schools in general have something to answer for here. I believe graduate business edcuation is a good thing, but if this crisis doesn’t tell us something is clearly missing in the way we train business leaders, I don’t know what is.

If one is considering getting their MBAs, I’d advise them to go the Full-time route. People miss so much in the part-time MBA. You don’t make as many close connections and evening/weekend classes aren’t as intense, so you miss a great learning experience.
Executive MBAs and accelerated one-year programs aren’t even taken seriously in the real world, they might as well just re-name those degrees. They are pretty much worthless.

I received my MBA from the Georgetown University (McDonough). Still the greatest decision/experience that I’ve had. I would advise many, not just those laid off, to go back and get their degree. It’ll open up their world business and contacts-wise.

I have 3 Masters Degree including a MBA
plus a MS in Physics and Electrical Engineering. They are as useful as
a roll of Toilet Paper.

Out’s question wasn’t how to get into grad school, her question was should she quit looking for a new job and go to grad school instead. You never really tackled the question.

I think anybody considering going back for an MBA should really look at what an MBA will give them. Do they want a career that requires an MBA? Or are they looking at getting an MBA just because so many other people are and they figure it can’t hurt. If that’s the case, then they may be no better off with an MBA than without one and it will just get them deeper in dept. If they truly think that applying for jobs is a waste of time, then try volunteering or take a long vacation somewhere to re-energize themselves and try looking again when the economy starts to recover.

I’m a CPA and Six Sigma Black Belt — spent years in public accounting and time in project management. I’m 31 and have considered going back to get an MBA, even if just through an executive program. I still have a great job in healthcare, but now have no desire to go back to school. MBAs will be a dime a dozen now, just like they were in 2003-2004 after the dot-com bust.

I’m a current B School student at a top ten MBA program. My advice is to go for the right reasons. Going just to take a brake in a tough economic climate is not the right reason. I met a guy who is applying to three programs, is in round 2? I didn’t understand, so I asked him: “Why do you want to go to 3 business schools?”

Know what you want, why you want it, and how you want to get it. “The world makes way for the man who knows where he is going.” – Emerson.

MBA programs want the package deal, a lot of the program is learning from your fellow classmates and the school’s alumni are what help build their reputation so a good admissions staff picks individuals to create a dynamic and diverse group:

1- Have at least 5-8 years of solid work experience before you get your MBA. Work for not just a big business, but a start up too. Otherwise how are you going to be able to apply and retain what you learn in school?

2- Know the school, why you want to go to that School, and network within the school’s network and make a presence for yourself among the decision makers. Sales anyone?

3- Speak at least 2 languages fluently. Don’t yet? Apply for a Rotary Scholarship and learn a language for 6 months, it will be a great experience. Apply for MBA concurrently, it will set you apart. WIN WIN. I think this is a must, especially in todays world.

4- The GMAT is just a # on the application. A school with an average GMAT of 680 still will accept a 540 score. What’s important is the whole picture of you.

Really, if you’re applying to B-School the bottom line is to answer these 2 questions: What do you want to do and how does the MBA help you achieve this goal? And what do you contribute to the MBA program? Then center your application around those ideas. If you can’t answer that clearly, concisely, and uniquely, don’t waste your time… because you’re in a red ocean with all the other people going back for their MBA’s for all the wrong reasons.

I have a year left in my MBA at Webster University in St. Louis. Other great Business Schools here are Washington University and St. Louis University. Honestly, cost was the biggest factor for me (my MBA will cost 1/3 of a WashU. degree and many courses are taught by the same calibre of professors.

I think what is most important is get a good GMAT score (660 or higher), then find the program with a structure you can use immediately in your field of work.

Some programs are more writing intensive with more rhetoric and papers.

Some are more practical in nature and build on business principles like accounting, finance and marketing.

Admissions are not that demanding. Just follow the dates and do the work.

But I agree it is about your ROI. Many students just get an MBA right after Undergrad and end up with no work experience.

You need to balance work and education to really get the value out of applying what you learn.

And you can go full time and still work full time. There are many great night options for your advanced degree.

Thanks.

I completed my MBA in 2005. All this talk about the money or position is the wrong thinking for any postgraduate degree. You need to approach any graduate school as an opportunity to learn better techniques and solutions for tomorrow’s business challenges. If your passion is position and money, you are making the same mistakes made by some of your predecessors – greed! Look what has happen with our economy with greed as the main reason for pursuing higher education for money and position. It is interesting the greed starts with each individual pursuit of higher education for higher paying jobs. Bottom line is this – all education undergraduate or graduate is to prepare you for the responsibilities and challenges of the job market not to guarantee any immediate success in position, title, or money. These items must be are earned over time with education, experience, hard work, and especially trust. Individuals entering graduate school for the money and position need not apply.

Yes – my MBA, experience, hard work, and trust I have contributed to my success within the healthcare industry.

I got my MBA in 04 from a non top tier school. I think is all about the ROI. It worked for me. I have a good career, I like my job and overall it was a very good investment for me. Although I know quite a few people that for which getting an MBA didn’t work for them.

MBA should stand for “Master in
Bailout Administration” !

While pursuing a MBA, one only learns how to personally benefit by milking the system. Ethics — whats that ?

Schools are only too happy to admit
more students (suckers) for after all
they are in it to make money and pay
their staff (and so called faculty)
handsomely.

I got my BSEE in 1993 from UMass Amherst. I wasn’t exactly the straight A student, so my job prospect upon graduating were quite dim, so I started at the bottom of the barrel doing shovel work (literally) and have worked my way through dedication and job hunting to my current position of network engineering technical expert at a financial firm. My current employer has been paying for my MBA with Technology Management, which I will finish in June ‘09, so if I lose my job AND don’t utilize my MBA, I will have lost nothing because I’ll owe nothing. But since they’ve been paying for it, they’re already invested in me, and most likely won’t put me at the top of employees to cut at the next lay-off.

In addition, they’ve been very supportive of the fact that I have been pursuing my MBA/TM at the University of Phoenix Online campus. It isn’t Harvard, Wharton, or MIT Sloan, but at the time I started, these schools weren’t offering online programs. Only after I started the Phoenix program did UMass Isenberg School of Business introduce an online MBA program.

Having a full-time job and a more-than-full-time wife and 2 young kids makes going to a brick-n-mortar campus to attend classes impossible for me, so the online feature is a big help. Even then there is a self-discipline in time-management that becomes even more developed for online students than it would for students going to a structured environment of physicaly attending classes.

It is what you make of it. I came up through the ranks, leaving the military and literally “digging ditches” to get through undergrad and finally being accepted into a B school for my MBA. But some are right, most of these ‘execs’ out there have had a Silver Spoon up there *** since they where 6 years old and still kick and scream well in their 50’s when they don’t get their way. That has not changed nor will it change (royalty, rich families, privileged lives, etc…) What will change though, is that average folks may finally get a shot to navigate and steer some of these companies – true grit determination with a compass and map, not with a GPS on cruise control and politics. I think most people fail to remember that the average ‘joe/jane’ who become ‘C’ material and come from ‘humble’ hard working roots really busted their **** to get there – and probably not spending to much time posting to these types of blogs. It is all about how you decide who you become – greed, nice cars, nice house, etc…when it is all gone and you are left on your butt with no where to go. Ask yourself this: is it really worth it?

I do not have an MBA but hope to start this coming fall. After reading many comments about receiving an MBA degree, I’ve come to two conclusions. First, without actual real world experience, an MBA isn’t going to help much. Get some experience then go for the MBA.

Next, people that complain about not having a job after earning an MBA are the same people that complained about not having when they only had a BA/BS. You saw yourself as a victim in high school, in college and now as an MBA holding citizen. Do you see a pattern? Don’t blame the recession. MBA’s are supposed to be resourceful and business savvy. Go start a busines!

Do you know what the most interesting part of the “nae sayers” are on these posts? They are the people who go to Harvard, and expect a silver platter when they graduate. Easy Street anyone?

As someone who went to a top tier under grad, and finishing a Master’s in a top 25, you need to think outside of the box. Work on a couple of projects pro-bono.

No one wants to take a risk and hire an MBA with low ladder experience! Think about it, what is another couple of months of free work worth? You get experence working for the greater good. You can take that experience and apply for a better job.

Seriously, really funny how people think that just by going to a great school they can get a 100K job. Haha! Get real.

I think that B-schools claiming to be selective is a farce! On what basis are they selective – what follow up do they do to confirm their selectivity ‘works’ in terms of more successful business outcomes etc? If you have the money they will find a place for you..

I think Long Term, the MBA is an invaluable degree. In the current economy, for some, it may not make much of a difference in a higher salary or even finding a job, but long term, I am confident it will pay off.

I am a current MBA student, graduating in May 2009, and looking back on the program have learned how to “think” like a Business person should. During your time in the program you are surrounded by new ideas, wonderfully talented professors with great ideas (some who are all theory and some who have great real world experience) and people from varied backgrounds who collectively could accomplish a lot. My only regret during my program is that I did not get to know everyone in my program.

I see all this talk of “jobs”…and think…where have all the entrepreneurs gone?

That’s great! My guess is, it was arrogent,greedy MBA’s that got us to where we are now. Why don’t you recommend these people learn a skill or trade,and actually produce something instead of assuming some sort of entitlement to make money off the labors of others

MBAs and MBA thinking are the problem. I am a mid level manager with a grad degree in accounting and several accounting certifications. I see consultants with MBAs everyday who bring high level overly simplistic thinking to real business problems. They have never done any grunt work in their life and they think people who do it are stupid. Their real experience is talking a good line and being arrogant enough to think that is the same as knowing what you are talking about.

An MBA, regardless of where you get it, is a benefit. It is true that more people are getting them, but contrary to how many people think, that reality makes it even more crucial to get the MBA. You need to keep up!

When I got my MBA, I was working 50 hours a week and had two young kids. This situation didn’t allow me to spend the time and money necessary to go to the University of Michigan (for example). I had to go to a local university for the MBA. It has definitely paid off…in my organization, combined with about 7 years of experience, it differentiated me. I am now the director of a major department and my salary has gone up 40% since getting the MBA.

The bottom line is that experience plus education and the desire to succeed will ultimately pay off. Don’t listen to the naysayers and be patient – good things will happen to you.

These types of articles and elitist attitude is the problem with the business world today. Why don’t people do the things they want to?… Know thyself.. success will follow. Chasing the big money roles is not the solution. That’s when the elitism comes in. If education is the key, then what school one goes to should not matter. If getting a “presitigious role” in a “presitigious firm” is the key, then look for a school where such firms hire from… an expensive price of 2 years + $150k to pay for your “prestige”, eh?..

I went to a highly technical university’s business school, because that’s where I believed my Engrg undergrad will still be valued. I have since increased my salary over 10 fold and have been in the same energy industry for over 20 years.

Lets focus on education, attitude that deliver results. Prestige, money will follow. Don’t follow the money. Follow your heart

The only reason you guys get MBA’s is the same reason the country and banking system is in trouble. Do you know what that reason is? It’s called greed. That’s what the MBA teaches you. MBA’s are like a hobby for people when they are bored, in hopes of making more money and being more greedy down the line. All the MBA’s really did a good job on Wall Street and in Banking, uh? That some smart top 10 school people, uh?

The so called smart “MBAs” have got us all here. Instead of using their management skills, all they cared for making more money. This nation needs to understand just one thing…and only one thing. In order to generate millions of jobs (new, not old), technical skills are the only option so that innovation is alive again. Just being smart financially and in people management, you wont get anywhere without technical skills. So go to an engineering school and go for masters in science instead.

Most colleges are _not_ selective on their admissions procedures. They just say they are to create a sense of urgency in the student to apply and to get in.

MBAs can definitely help, but they need to be part of a package that is supported by other degrees and/or work experience. A standalone MBA won’t help much. Also, try to get an MBA with an emphasis or concentration in a subject, such as human resources or organizational management.

The other two benefits of going back to school are the networking opportunities it creates, and it plugs a gap in your resume to show you have continuously been productive.

An MBA is certainly not a guarantee of a six figure job anymore, but it can be an investment in yourself and an amazing experience in itself. Find a program that offers something uniuq and make the most of it. It will pay off down the line when promotions start coming. I’m applying for Webster University’s Global MBA program. The program is completed in 1 year with 2 months spent in London, Geneva, Vienna, Amsterdam, and Shanghai.

I am an MBA graduate from Harvard Business School. The best tip that I have for admission is to focus on how your professional and personal accomplishments help others in your organization, your industry, your customers, or in your community. This demonstrates your ability to put your work in context and think big picture. It’s not about you and selfishness. Did B-school pay for me? It paid in many ways, not just compensation. I met great people, had tremendous faculty, learned in a meticulous business laboratory, and had a once-in-a-lifetime experience. For those wondering, I more than doubled my compensation when I graduated. If you go to business school, immerse yourself in everything it has to offer. Don’t hold back.

I completed my MBA in 2007. I have never been able to utilize the degree at all! Employers seeking MBA grads want 5 years plus experience. I can’t get experience if nobody will hire me without the experience. Jobs I have found appear to be entry level sales. I did entry level sales and moved up with a degree at all. I am almost positive I have wasted a lot of money going to grad school on a degree I will never be able to use.

**Has not paid off yet**

I began my MBA program in January 2008, and I will be done in 5 weeks (have went non-stop). I do work at a bank and have for about 6 years. Our stock price has been lingering near $1 for about a month, and we have cut 200 jobs in my city alone this week-still have a day to go! My MBA, unfortunately, means nothing to the leadership in my company. I have classmates that do not work in the financial services industry and are being much better received at their jobs (input is valued, suggestions taken under consideration, etc.). Not sure if anything related to “money” is the place to be… and will not be for a long time. My pay has also been frozen indefinitely, so I am actually going to LOSE money by having my MBA, since I will make the same amount of money at work and now have to pay off student loans.

If MBAs were as astute and valuable as we are/were lead to believe, the economic crisis never would have happened. And, now that it has and we have proven that “capitalism and free markets” don’t really work in the global market, shouldn’t all the old MBAs be worthless? It’s all a bunch of crap!

It’s not just Business School – I work in Law School Admissions and applications are way up this year.

I’m one of the folks trying to duck what might be a long recession and I am heading back to school for MBA in Fall. I was only going to attend if I could get into a top-tier school, and fortunately I did. It’s a great time to take notes from the sideline, in my opinion.

People who are employed and have tuition reimbursement programs through work should consider taking advantage. This can add up to $15k+ per year assuming no limitations. I recently enrolled in an Evening program and have heard many of the full-time students are not able to find jobs. If you can gain experience and pursue the MBA part-time at no cost to you, why not enroll? It certainly won’t hurt your professional career.

You have got to be kidding me. MBA’s are what got us into this mess. Give me an “up through the ranks” person anyday, but God please, no more stupid, idiotic MBA’s. Too much educashun (sic) and no common sense or ethical values. They think it is “all about me and my big paycheck”. Lordy,lordy, lordy, when will we learn.

Unfortunately the age of “entitlement” is coming to a close. Being a sharp talker with an MBA will be less of an asset going forward. The paradigm is shifting away from centralized brick and mortar finance to a more virtual landscape of innovative companies that would more often employ software developers than someone with a hodgepodge of “how Wal-Mart works” business coursework. You would be better off, instead of seeking a title of diminishing value, to focus on what skills you have and get tangible, focused training that could benefit an organization.

I am in my late, late, late 20’s and am halfway to a management degree and marketing degree. I chose to do this at this time, before the economy tanked. This is one of the best decisions I have made. I can’t wait to graduate in a year. Do it now and don’t wait. You will regret missing this great opportunity! I played my cards right and have enough cash to carry me through while still carrying a mortgage and auto payments. I am a former systems engineer changing careers.

I graduated with my MBA (with honors) from a top 30 school this past spring, and at this point, it doesn’t look like it’s made one lick of difference in the job market. About 25% of my graduating class is still looking for a job, and after getting laid off from my first post-grad job, I’m finding that a lot of companies would rather pay less money and hire an undergrad they can train, rather than bring on board an MBA who already has the required skill set.

Usually going back to school, specifically at a top MBA program, is a smart way to dodge a recession. Unfortunately, if the recession is prolonged (in the current case). I’d make the case that the MBA does very little because if hiring is down across the board two years after you start–you just spent $100k plus to be unemployed again.

For example, look at the MBA students at top schools from the class of 2010. Not only do they have dim job prospects for an internship, full time also looks dim too.

As a Class of 2009 MBA, I had excellent job opportunities for last summer. However, the students in my class that went to firms that decided not to offer them full-time jobs after the internship (particularly career switchers into the realm of Finance, Private Equity, Investment Management, etc.) are left scrambling for something (anything!!!).

So if you are applying for the class of 2011, I still think job prospects for a great internship in 2010 will be dim too.

My advice would be to do something creative (i.e. work for a non-profit in Africa for the next couple years, find a job in DC working for the govt. as it implements TARP,etc.). When the economy is making significant headway out of a recession, that is the best time to get VALUE out of an MBA.

If you are going to a lower tiered MBA, I’d make the argument that you definitely shouldn’t go back–especially if you were doing corporate finance at Lehman Bros!

Good luck finding a job. My husband has had his MBA for almost three years now and still cannot find work utilizing his degree. Most jobs want 3-5 years experience in addition to the degree. How can you get experience unless you can get a job to GET experience? It’s a vicious cycle.

I have a MSIS and now finishing up an MBA. The MSIS is junk right now and I do suspect the MBA will not add much to the job hunting tactics either.

When getting an Masters, do not get it for what it can do for you today. You need to consider the 10 year plan. A Masters will pay off by helping you after the market recovers. In most instances the biggest payoff are fast tracks to the promotions and pay increases your colleagues may not see, although they are performing the same job across the cubicle.

Also look into whether the school will allow you to use some of those undergrad credits towards your Masters. In many cases, if you return to your former school – they can get you the MBA in under a year by using undergrad credits.

And lastly, all schools will brag about their tough selection committee. Do not let this fool you. If they say, ‘You say the right words in the essays, show us the struggle, and have a realistic/grand picture for your post MBA career – then we let you in’. Then you might question whether they are the place to be. But again, do not be fooled and not bring the big show. You DO need to get as close to that 800 on the GMAT as possible. The GMAT score ‘will’ break you, no matter how good your written application looks.

Sorry, one more note. If you know who you want to work with in the long run. Call the HR department of that company and ask where most applications with MBA’s come from. Chances are the company might have a business and recruitment relationship with Kellogg. So then you know where to apply.

Good Luck!

I graduated from an MBA program in May. $30,000 in student loan debt later, it still hasn’t paid off. You may have the time to do the program now, but how will you pay for it? I’m all for higher education, but don’t think it’s going to guarantee you a better job when you’re done – those days are apparently over.

I have been lucky enough to keep my job at a bulge bracket bank on Wall Street. However, I know times are going to be tough for a few years so I looked down the MBA route as well. I have been working towards my MBA at NYU’s Stern School of Business on the weekends, while maintaining my 60-70 hour work week Monday through Friday. An MBA from a top university (top 10 or 15) is definitely beneficial. The network alone that you open yourself up to is worth the cost of admission. I am not sure going to a third tier B school and getting an MBA is going to help out at this point in the recession, but if you can get accepted into one of the better schools I definitely think it helps.

I’m currently halfway through my online MBA at Indiana University – Bloomington while working full time. Although I’m very happy with my current job I hope the MBA will open up new career advancement opportunities within my own company.

I was finished my B. Eng. 8 years before I applied. So having some industry experience was definitely beneficial. I also had an A average finishing engineering school so that might have helped to. I don’t really know how they weigh each of the factors. I also didn’t fill my admission essay with alot of BS, I kinda put everything out there, who I am, what I want to do and why going to this school will help me achieve that.

MBA’s are a nickel a dozen .. It use to be a dime.I see so many students who think because they are MBA’s they are going to start out as a CEO of the company. Also as stated from past posts the economy, your experience, the school you attended. networking, attitude and more will determine how far up the ladder you go. Also your age, time and expense as well a ROI. With the way college costs are going and the economy some would think what better way could you get a better return on the money it would csot you.

I am an avid supporter of education (2003 MSIA recipient), but this article sounds like the latest “quick fix” recommendation. Statements concerning the tiered school structure our elitist and belittle the fact that you get out of it, what you put into it.

I graduated with an MBA in ‘05 from the University of Houston. Within 3 years of graduating my salary had nearly tripled and I had gone from a small time technician to a fulfilling the role of a technology executive in a large investment house. You should set your goals clearly before you get in the program and realise that it will not be easy – especially in programs like the Bauer school that emphasize tangible real-life applications of business knowledge over the more common case-study method.

Aren’t there enough MBAs around? Did all these people get the economy in the mess it’s in now? It’s time for businesses to think outside the box and hire people with graduate degrees that are not just MBAs.

Douglas, you are certainly right that an MBA is not a “silver bullet” that guarantees career success. A lot depends on where you get the degree. The top 10 or so big-name schools — Harvard, Wharton, Stanford, Chicago … — are in a class apart, in terms of opportunity, from the second- and third-tier schools (not to mention the fourth and fifth tiers…) And in this job market, not even an MBA from a premier school will necessarily get you a big-ticket job, because so many of those jobs (especially on Wall Street) have disappeared. However, an MBA can still be a good investment for the long term *if* one focuses one’s course work on skills that are needed in the few industries that are growing (like health care), and that takes some targeted research beforehand.

Although I possess an ivy-league graduate degree in science, for too long, companies in the United States have placed emphasis on business and financial skills.

In my opinion, what would be most helpful for the common worker is to have more people skilled in the trades and who have more tangible skills. After all, there can be no outsourcing of plumbers, electricians, and other skilled tradesman.

In the same vein, our educational system encourages high school students to become doctors, lawyers, or businesspeople. I know many people who did poorly in high school but dedicated themselves to the trades, went to vocational school and graduated with little to no debt, and were making $40-70k when they were 25. On the other hand, I also know of many students who graduated from b-school with 150k+ in debt and are struggling to make 50k per year.

If you can go to a top business school, it is worth the investment, but if you are applying to a b-school whose national ranking is > 25, forget about it. You are wasting your money and will regret your decision. No matter how good you are, top-flight firms such as McKinsey, Goldman, and Blackstone would never take you if you went to a B-rated (or worse) business school. Perhaps this is part of the problem!

In ‘92, I actually had a business undergrad and when back and got a masters in Environmental Health after being a layoff. Think outside the box and add to your “tool box.”

What makes people think an MBA is the ticket to prosperity? I have one and am also unemployed. After graduating in May of 05 the employment seminar sponsered by the AACSB accredied school was a joke. Entry level jobs; not the $89,000 purportedly made by MBA’s (as reported by CNN). I also did some coursework in Europe to earn an International Business concentration. Another highly accredited school, the same one attended by Napoleon. Too many have pursed education and now we have too many well educated. The world is not inviting us either; just look at the pay for teaching abroad. Good luck, you’re going to need it.

I’m a bit on the older side, but after getting a degree in statistics, I realized that if I wanted to speak the language of business, I needed to learn it via an MBA. I went back at night (but to a top rated school) and slaved for 3 years working and taking 2 courses / semester, including the summers.

It was, without a doubt, the best thing I ever did. The MBA has given me flexibility that I would have never had without the degree. I can talk to nearly anyone at any level in a corporation and feel that I can hold my own.