Question for those in the business field -- Is a MBA really important?

[texas*princess]

I posted this here because this forum gets more traffic than the Education one.

How important do you think a MBA is? Do you have one? If not, do you plan on getting one? Why did you (or do you) want to go to grad school for a MBA?

I'm just curious... it's something I'm seriously considering.. but the $85K price tag makes me sad.

[nittanyalum]

If you have aspirations to reach the upper levels of a corporation, then yes, an MBA is important. MBAs also tend to command higher salaries. Where you get your MBA also counts, so it is worth it to get it from the "best" school you can get into/afford -- but $85K sounds kind of steep, where are you looking?

[tld221]

i agree - MBAs are only worth it from the top schools. corpAmerica is snobby like that. If its not Wharton, Stern, Tuck, or HBS (im sure im forgetting some other big ones) you miss out. Ive seen/heard the convos at work.

A: back in my day at HBS... blah blah blah. where did you come from?
B: Random B-School Univ, class of 07
A: Right, so yeah back to me and my awesome MBA program...

of course, the minute you mention one of the big programs its a game of "oh did you have prof. so and so, did you serve on blahblah club/committee? what year? oh, so you MUST know so and so... are you attending the cocktail alumni shindig?"

and all this other mess. its like choosing houses all over again lol.

[Munchkin03]

Originally Posted by tld221

i agree - MBAs are only worth it from the top schools. corpAmerica is snobby like that. If its not Wharton, Stern, Tuck, or HBS (im sure im forgetting some other big ones) you miss out.

So, so true. So many schools offer MBAs, and they're not all created equal. Unfortunately, a lot of people aren't that informed, and they think that their Cowtown University MBA is equivalent to a Stern/Columbia/HBS/Stanford MBA, and take out a ton of loans, expecting the same respect that someone who took a challenging program receives. Joke's on them, really.

[mu_agd]

Jeez J... just because Cowtown is my top choice doesn't mean you need to look down on me!

[Benzgirl]

MBAs get your foot in the door. But, at my workplace, we are a dime a dozen. Almost everyone around me has a Masters, a JD or a PhD.

Was it worth it? Yes and no. My undergrad was MUCH more challenging.

Did it get me a job? Yes and no. It got me the first job in my field. I was recruited from my current company by my former Director. He didn't hire me because of my degree; he hired me because I knew what I was doing.

Did it get me more money? I don't know. I'm not rich, but I have a good income. From hiring others, I know that when I need to pay someone more, I go to bat with their education.

[DSTCHAOS]

MBAs are valuable in many segments of corporate America as long as they are from an accredited institution. It does not have to be from the top or most prestigous institutions, especially since prestige is often not based on academic rigor.

People who have a wealth of experience and education before they got the MBA will especially not be hindered if their MBA isn't from a "top tier" institution, as long as it is an accredited institution that people have heard of. Corporate America will look at what you have learned and give you a chance to advance on the corporate ladder based on knowledge, experience, and hard work.

There will always be jerkoffs who wave their MBA from (insert prestigous institution here) around and companies that laugh at certain MBAs based on name alone, however there are more than enough million-billion dollar corporations that won't so you'll definitely find your fit.

[EE-BO]

MBAs are anywhere from important to essential depending on what you want to do.

If you want to work at a mid-sized to large corporation and progress past middle management, then the MBA is essential. That is a standard expectation today.

It is also very important if you want to take on a management role in the startup environment. Venture capital firms and other early/mezzanine financiers of startup operations like to see very highly educated people at the helm on the finance/business management side of things when they consider taking the risk of investing in a growing venture.

The MBA is also essential if you are interested in doing consulting work at a future date. Depending on the area of consulting you might potentially enter, you will need several years of work experience first- but it is a very attractive and flexible option for people as they progress in their careers. Getting the MBA now will keep this option open for you at times in life when consulting might suit you.

If you want to work in a smaller company that is not public or go into certain non-profit positions- the MBA is not as essential as it is for the above scenarios, though it is always helpful.

The MBA experience is quite different from college. I partied my way through college since a lot of it was just memorizing stuff and taking tests. A good MBA program goes much further. Classes are often discussion forums looking at real life business cases. Good programs will include extensive training on interviewing and professional conduct- that stuff you need to get that extra edge that makes you stand out from the average job applicant in ways you could never imagine until you see it for yourself. There is also a huge emphasis on group project work.

And for that reason I think it is absolutely worth the investment.

Getting an MBA won't automatically make you a better candidate, but assuming you do well and have a good work ethic- that investment will pay off fast. It is not unusual for MBA candidates to get paid 4-5 figures more per year for similar work to someone who got an undergrad and worked a few years to reach the level of job you would get right out of an MBA program! Seriously. Plus of course you can then move much further up the chain from there.

Right now there is job shrinkage in the US- but that is at the lower end of the employment scale. MBA demand dropped in the early 2000s, but right now we are just as in demand as ever- and so having one will make you a lot more hireable at a time when jobs are there for top candidates, but harder to find if you lack certain basic credentials- the MBA being the big one.

As for where to go- think regional first. I got mine at Texas and I still live here, so that matters. Sure Harvard or Wharton would have been nice- but generally I think you are better off getting an MBA from a top school in the region where you want to live. If nothing else, you will be going to work among a lot of fellow alumni.

The one thing I do not recommend to people is to get an MBA from U. of Phoenix or some other online program. Those are certainly beneficial and offer some value, but you lose out on a lot of the personal interaction- and companies know that. A U Phoenix MBA can get you further than not having one at all, but it will not come close to the potential value of an MBA at a respected business school where you attended in person.

Also, consider Executive MBA programs. Texas has a very good one. This is a way to get your MBA while working full time and is every bit as prestigious as going the more traditional track. Takes a bit longer, but it is much less of a life disruption.

[EE-BO]

Originally Posted by DSTCHAOS

There will always be jerkoffs who wave their MBA from (insert prestigous institution here) around and companies that laugh at certain MBAs based on name alone, however there are more than enough million-billion dollar corporations that won't so you'll definitely find your fit.

Good point. I do startup companies, and even though I am a Texas grad, I have NEVER hired a Texas MBA. I have interviewed a few, but they were all very arrogant in the interview process and did not seem to want to do all the busy work everyone has to do in a startup.

Not all MBAs are jerkoffs (DSTCHAOS you chose the perfect word there), but plenty of them are. I could not stand a good number of my classmates.

But some big companies do want that. In many environments it is considered ideal for upper management to be very aloof and above everyone else- especially in large corporations.

texas*princess- promise us that if you get your MBA you won't become a jerkoff.

[DSTCHAOS]

Originally Posted by EE-BO

But some big companies do want that. In many environments it is considered ideal for upper management to be very aloof and above everyone else- especially in large corporations.

And this is annoying in a people sense but generally works in a business sense.

[texas*princess]

thanks for the feedback so far.

my company is pretty big... and i know that a few people in my office (we have several) have just recently received their MBAs that are 40+ yrs old.

I'm not sure if a MBA is absolutely neccessary to be part of my organization, because I know several people at our HQ that have only an undergrad degree that are doing very well for themselves. There are even a few (who have been with the company very long) that started college, but never finished that are also doing extremely well because they are just plain talented.

I signed up for my GMAT... which is the first step. I am sort of on board for the right reasons, but the bigger part of me just wants to be challenged so I thought pursing an MBA would be fun and challenging to do.

Those who are doing very well in my organization that have an undergrad are about a decade older than I am.... so part of me feels like the MBA crowd in my industry are "a dime a dozen" but the other part feels like this is something I need to do if I want to stay competitive at my company since I'm a younger generation....

[texas*princess]

Originally Posted by EE-BO

texas*princess- promise us that if you get your MBA you won't become a jerkoff.

i promise

[AGDee]

My ex-husband has his MBA in Finance with a Bachelors in Accounting. For him, it helped him move into finance from accounting. It has been his experience in the corporations in our area, that most people in business have an MBA and the ones who were really moving up were the people with law degrees. It has helped me in his teaching, as he is teaching at the University of Pheonix sometimes, which he couldn't do if he didn't have the MBA.

[bluefish81]

I think the need for an MBA really depends on the company. I work for a company where very few people have there MBAs. I think maybe 1 out of our 10 exec officers has it. Consequently, I'm not really concerned about it limiting me as I move up the management ladder. My company is more focused on employees becoming educated in our industry (assuming we already have a bachelor's). I'm also well aware of where my peers are at in terms of educational level.

[Buttonz]

I'm considering doing a joint MBA/Sports Master's program, just because I think it might make me more attractive then just a Masters in Sports Management. I'm looking at UCF for it personally.