I completed most of my MBA and I built a successful multimillion dollar company. Since my business was taking off I was unable to complete my degree. Although the classes were insightful and I learned new things, I definitely learned immeasurably more running the business. In fact, I learned so much more running the business that it's hard to even consider the MBA as relevant. The MBA is only a drop of water compared to the large tank of water that you need to be successful.
Unfortunately, HR in large corporations will often value the MBA degree more than experience, even the experience of building and running a successful multimillion dollar company. Would you hire an unproven Harvard MBA over a successful entrepreneur? Sadly, most HR people would.
A Master's of Business Administration is certainly no guarantee of success. Many high-powered business executives have one, and their businesses still failed or crashed in this economy. On the other hand, those that don't have the piece of paper can still do very well in the business world. The person matters more then the degree.
An MBA is a worthless degree to anyone who has already had a bachelor's degree in business. The MBA was originally designed to serve as a way for people without a business background to gain an overview of important business concepts. The knowledge that is taught is basically worthless in any real business environment.
Although highly touted at one point, the MBA programs no longer have the same pull they once did, as the extra schooling did not seem to make that much of a difference. Good people skills and a head for business cannot be taught to some, and no amount of business classes can compensate for this fact.
There are many arguments that would suggest not having an MBA might not deter a person from becoming successful. However, the good ol' days of starting on the mail room floor and working your way up the corporate ladder are all but gone. Even though guile, wile, and hopefully ethics get you to the top, you need to get your start. And you are not going to get a start if you haven't proved that you can at least do what it takes to get a degree. According to the Harvard Business Review and a variety of other studies, you don't NEED an MBA to become an executive. However, you DO need an MBA if you want a chance to become one of the top earners. And really, isn't that the measure of a business executive's success?
Let's be clear, just because you have a degree doesn't mean you have an ounce of marketable sense in you. CEO's are hired because they have a masters degree and are fired because they couldn't put their tie on without their mother's help. Most find excuses not to be in the meeting unless bagels and coffee are offered. The television program Undercover Boss truly shows how little a Master's degree helps in the real world. But it is nonetheless a pre-requisite in the company's opinion.
My boss did not need a college degree to have a successful business. He owns a restaurant and some of the employees that work for him have more education than he has but he is the owner. My boss is a high school dropout. This proves that sometimes higher education is not necessary, whether it is a master's degree, bachelor's, or even a high school diploma. Even some high school dropouts can achieve great things.
A Master's of Business Administration is probably the most overrated professional degree out there. As a law school graduate and knowing many law students who also got an MBA degree, all of them will tell you that the MBA degree was far easier. While this may be an unfair comparison, since law school is very difficult, an MBA degree does not seem to teach the essential business skills needed to really succeed in the marketplace.
Just because LeBron James and Kobe Bryant didn't go to college, doesn't mean that others who did suffered from the experience. There are some people who will succeed without a high school degree and others who will succeed without a college degree, but this does not mean that these degrees are worthless. For the majority of the population, I believe the more schooling the better. MBAs have knowledge that others cannot get.
Simply because there are people that have succeeded in the business world without an MBA, it does not mean that MBAs are overrated. This is tantamount to saying that because Bill Gates didn't graduate from college, that a college degree is overrated. Advanced degrees open the doors for the masses to new positions, and helps them get a foot in the door to a new career path, which would not be there without the degree.
I do not wish to discount the success of so many motivated and talented entrepreneurs, all of whom have succeeded without the benefit of a Master's in Business Administration, but I also give credit where credit is due. It takes a great deal of study, effort, drive and ability to earn the aforementioned degree. Those who complete this course of study gain knowledge and research tools that will make them more effective than managers without the benefit of such knowledge. This degree has a high value in a competitive economy.
An MBA provides the student with the knowledge base that is requisite in the business world. Getting an MBA is by no means the only way that someone can become familiar with the business world. Therefore, it is illogical to state that an MBA is overvalued, because people enjoy success in the business world without one. A more pertinent argument would be to address whether or not an MBA is successful in the business world. They clearly are, therefore, the value of an MBA is certain.
No, I disagree that having a Master's of Business Administration degree is overrated just because others have been successful without it, because it still proves how hard you studied and what you are capable of. Just because a person can be successful without it, it doesn't mean having one is overrated. If a person knows it is not necessary to have a Master's of Business Administration degree to be a success, but goes and gets one anyway, it shows character, a good work ethic, and dedication, things employers will look at and like.
A masters degree one day will be what is expected as we now consider a bachelors degree. Additionally, everyone has different levels of natural business skills, meaning that some may need the masters degree to be as effective as another who doesn't, not to mention the fact that many companies now would require you to have a masters degree to be promoted above certain levels.
The more you know about whatever field you are going in to, the better prepared you will be to handle it and be successful in it. Anyone who has a Master's has clearly been through many years of college, and this can only help them in their business opportunities and goals.
While it is true that many successful people in the business world have built large fortunes without any degree, this is by no means the normal course. Having an education brings value, although education is not the only determinant of being successful. Being successful requires hard work, resourcefulness, and crazy ambition. Being intelligent and having knowledge helps with all of these things, but it is only one variable out of many. Several companies will only consider applicants with a MBA degree or higher for several positions.