i walked into my first year of MBA school with the expectation that it was going to be all parties and fun. After all, I did undergraduate EE. But, I was pleasantly surprised. Sure, the networking is an important part of the experience. But the core curriculum is actually pretty solid - I suggest everyone gets a foundational understanding of marketing, finance, accounting, operations, etc.
haha I was just joshing, my best friend is a finance guy who's coming back to eller for their MBA program. I'm a science guy so I make fun of him, he tells me I'll die pennyless, all in all it's a good time.
I agree that there is more value for someone who has an undergraduate degree other than business. I was a lawyer originally and got the MBA later. If I had already had a business degree, I would probably not have gone for the MBA degree.
I'm finishing up my undergrad in Finance and Accounting. In order to get CPA certified I'm going to need 150 credits done anyway, so why not go for my MBA? I guess it depends on what field one plans to go into.
Thats exactly right. As a graduate of one of the top business schools in the country I can verify that "classroom education" probably accounted for between 10-15% of the educational experience for me personally. Interacting with Professors, many of whom had very strong industry/financial sector backgrounds, networking with other students all of whom came from accomplished backgrounds and generally extensively interacting with a high caliber of driven, motivated people was the most beneficial aspect of business school. The finance classes, etc. played a very small role in the experience.
Nobody has spoken out specifically against what the article says, however. I have a top undergraduate business degree - basically the best undergrad business degree you can get, so I decided against an MBA. It's value to me would have been all networking...which can be quite valuable, but... The article makes some interesting points. Networking is great, interacting with professors is great, but at the end of the day, in the current financial crisis, you are part of the problem or part of the solution, right. And the article hints that most MBA's, from top programs, especially those in the last 10-15 years, have come out flawed in some way, not in spite of that networking and interaction, but because of it. In regards to practical education, too much theory that works in good times but only by building a house of cards. In regards to networking, the pursuit of greed and the quick buck, at the expense of doing what's right. This particular line stands out: these really are tougher ideas to ponder than you think. we've been brought up in a world that not only glorifies money, but effectively requires it. Money doesn't bring happiness, but it certainly doesn't hurt - the fact is, more money allows you to "do" more in this country. So, is there really something wrong with following the law as written, but doing so in a way that is most profitable to you as an individual at the moment? What makes it really unethical? Whether purposefully or indirectly, top MBA programs foster an attitude that money rules all - from something as simple as the tuition and all-in costs to the one-up competitive nature of the programs. Interestingly, what you may see is some of the more classic middle-tier MBA's actually increasing in value. Kind of like well-run small community banks, or a good, reputable, value-added middle market broker. In the post financial crisis world, smaller and more intimate just has a better "feel" - more trust, more accountability, less potential for a few "bad apples", etc. I'm not saying the article is spot-on. I certainly don't believe it is, and at the end of the day, if you're a Harvard, Standford, Wharton, Texas, Rice, UH, etc. alum, then you're in that network. You will always have not just that piece of paper, but those resources and experiences to count on. But I do think the points brought up in the article do have merit. I also agree completely that an MBA has much more value for a non-business undergrad (i.e. - engineer) than someone already with a business degree. Another random aside: While the networking aspect of the MBA will never go away, in today's increased technology world, I think it has lost some value. There have always been organizations and conferences, etc., but more and more, there are other ways to create that network, without the MBA.
I'm in IT and I think I'd learn a lot from an MBA. And it is coursework that I would find really, really interesting too. The main issue goes back to the fact that I feel I'm too far in my current career and making too much money to get an MBA. Maybe I need to get creative and see how I can use the MBA in my current field. I'm technical right now and doubt I can maintain this pace for another 15 years. I can't keep learning the new technologies that allow me to have this income. So to me that's why I think an MBA might help me when I'm older and not keeping up with technology as much.
My Dad was a department chair who was up to his neck in technology. He told me once that he had to spend 20 hours a weeks reading, just to keep current. That's a heck of a commitment.
Ok, a few people in this thread have mentioned that an MBA would be useful if you have a non-business undergrad degree. I can understand that given the fact that the main benefit of an MBA is to build a network of contacts and gain unique experiences and insights. I will be beginning my MD this fall at Baylor and they have an option where you can split time in between Rice and Baylor as part of the MD/MBA track. I have heard a lot about people saying that getting an MBA would be very useful to a physician and met a few doctors who actually hold both degrees. My question is that what can an MBA do for a physician exactly? What I mean to say is, why would building a network of contacts in the financial/business sector help a doctor?
My dad is a doctor. He is very smart...way smarter than me. But his inability to grasp seemingly simple business concepts is fairly surprising at times. Not all doctors are like him, but in many situations where I've seen doctors involved with business dealings, it's like they're lost - they focus on the wrong things, make simple issues complex, etc., etc. My theory is that getting your MD, and then becoming a doctor, is so time-consuming, exhausting and requires so much focus, you almost lose the ability to analyze anything not medically related. Just a theory. I'd think, if you can swing it, getting a joint MD/MBA would be very very very useful. At that point it's not just about the network - though that would be important - but about the actual classroom learning, and just keeping your brain fresh to a different way of analyzing. And given the economics of the medical profession, it will be very helpful to not only understand business transactions but have the network to capitalize on them, as a doctor.
I think that's a great idea. Unless you plan to just work for a hospital or someone else's clinic, I think the big 'potential' of a doctor is to open their own business. Unless you're a surgeon, as an FP or Internist or something, you'll be limited to $200-300k in salary. Opening your own practice is the only way to go beyond that and many doctors are woefully uneducated about the business side of things. I think this would be great for you.
Can you tell me about the UH MBA? What industries recruit from UH? Is it mostly finance? Are you basically relegated to working in Houston/Texas for the rest of your career?
To follow up on this, how many of the oil majors recruit from the UH MBA program? Or oil&gas in general.
The article is garbage. I'm a huge believer in education. After 4.5 years of engineering school I had minimal knowledge of capital markets, macroeconomic theory, marketing or accounting. The MBA helps develop strong fundamentals across all business disciplines. Why is this important? In order to make critical decisions it's important to have a solid sense of business acumen. In my case, I was strong on the operations side, but the other areas were weaknesses. At the same time, if you're in a strong program, you'll find yourselves surrounded by peers from very diverse backgrounds who can offer different perspectives. Aside from the academic stuff, you'll find MBAs from top schools tend to be way more refined in terms of communication and interpersonal skills. Networking opportunities are great, obviously, and at the end of the day you'll get a nice pay bump.
You went to UT MBA right? What type of GMAT does one need to get in there? What about the backgrounds of most folks there? Were they all from elite undergrads and what type of work experience did most people have?
