Is an MBA worth it ? After Covid-19, absolutely not.

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For my parents’ generation, the default option for career development was getting an MBA. At one point in the late 2010s, I considered the degree, too. But as much as the brand glittered, a price tag of $200,000 plus two years of lost wages just didn’t seem worth it. And now?

Is an MBA worth it in 2020? It’s becoming more and more clear that an MBA degree is not just a questionable investment—it’s a risk that’s simply not worth it.

Let’s step back: The value of business school has been diminishing for a while. (Just ask Elon Musk, Sheryl Sandberg, or Mark Cuban for their opinion of the MBA or take a look at the declining application rates, even at the top schools.) The model of taking students out of the workforce to study decades-old cases was designed for a different era, when technology didn’t shift entire industries at such a breakneck speed.

Covid-19 has shone a glaring spotlight on just how archaic this type of education is. Almost overnight, business plans have been torn up, the rules we’ve played by scrapped. Executives can’t lean on the tactics they learned from outdated case studies—all of us are learning about our new world in real time.

Continue reading… “Is an MBA worth it ? After Covid-19, absolutely not.”

Why no one wants to be an MBA anymore

 

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 A recent Wall Street Journal article focused on the steep decline in elite MBA program applications. In an era of an increasing divide between the economic haves and have nots, you’d think that the vaunted Masters in Business Administration degree would be valued more than ever. After all, with the recent boom in the stock market coinciding with a steep reduction in corporate taxes, big corporations are awash in profits to reward their highest achievers. Though there has been only slight progress in wage increases for rank and file employees, the top brass is enjoying greater compensation than ever. And a quick look at the CEOs of the companies with highest market caps reveal at least one thing in common: both leaders obtained MBAs from prestigious institutions. Apple’s Tim Cook graduated from Duke’s Fuqua School of Business, while Satya Nadella of Microsoft received his MBA from the Booth School of Business at the University of Chicago.

Yet MBA applications are down sharply, even at the most celebrated institutions. The Journal article has highlighted declines between 5-20% in applications to the top U.S. MBA programs. What gives?

Continue reading… “Why no one wants to be an MBA anymore”

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