What's An MBA Good For Anyway?
The more education you have, the better, right? It’s historically been a given that an MBA was the way to go in terms of maximizing salary and opportunities. Three little letters after your name, and you would instantly command higher pay, be in demand as a job candidate and be a shoo-in for promotions.
The limping economy, however, has turned long-held notions topsy-turvy and the value of an MBA is being questioned. Middle management jobs are being cut and an increasing number of MBAs, looking for an edge over the other job-seekers, aren’t finding work.
Real World Perspective
Harrison Greene, president of Northborough-based Unique Selling Systems, has no problem admitting that he doesn’t have an MBA. In fact, he claims that he has never run into an outstanding leader who has one.
“That L for leadership is often lacking,” he said. “It isn’t an MBL, it’s an MBA.”
“There are things an MBA offers that are valuable, but most of them focus on quantitative analyses — not qualitative skills — which are needed as you deal with more of the human side of business,” he added.
While Greene has a somewhat skeptical perspective on the advanced business degree, those in the executive search industry do see value in the MBA. Charley Polachi, a partner with Framingham-based Polachi Access Executive Search, said an MBA is particularly valuable for those pursuing the title of CEO. To be admitted to that club, Polachi said, an MBA is almost like a “union card” for entrance.
However, Polachi noted, an MBA is only one piece of the salary puzzle and can be more helpful in some industries — like clean technology — than others.
“Salaries are tied to the level of responsibility and size of the company, so an MBA is one of several factors — but not the only one,” he said.
“If you want to get an advanced degree because you love to learn, that’s great, but don’t do it as an end in mind, thinking it is going to fix your career,” said Jennifer Cohen, owner of Boston-based career and leadership counseling firm Compass Development Group.
While Cohen’s clientele is not necessarily MBA-seekers specifically, she says that in all cases people should get their feet wet in their chosen field before jumping into higher education.
“You need to examine your skills, values, activities you enjoy — shadow someone in a field that interests you,” she said. “If that experience leads to an MBA path, fine, but do your research before you shell out a lot of your money and time.”
Not surprisingly, Mark D. Rice, dean of the Worcester Polytechnic Institute School of Business, is a proponent of the MBA, particularly in a tough economy.
An MBA, Rice said, better prepares middle managers left after job cuts who are forced to do more with less.
“An MBA is extremely important to lead an organization at any level but especially in times of uncertainty — you need that kind of sophistication,” he said.
Despite the economy, people are still getting MBAs. The average cost of a two-year full-time MBA program in the United States is about $100,000, according to career development website www.QuintCareers.com — not including the cost of lost wages if you leave work to pursue the degree.
Lynn Davis, director of enrollment and marketing at Clark University in Worcester, said the value of the MBA comes in as an individual progresses through his or her career.
“We hear from our working, part-time students that their employers notice a difference in their performance before they have even finished their degree,” she said. “An MBA is strategic thinking which gives you a better overall picture of other viewpoints and impacts of decisions, and helps you think in a different way.” MBA applications have remained generally steady at Clark, with a slight uptick in areas of business and social change, sustainability and environmental science concentrations.
Neither Clark nor WPI feel they are competing for students with online MBA programs such as Kaplan University. Comparing colleges with long-standing traditions with an online university doesn’t make sense, both say.
But both have responded to students’ need for flexibility with hybrid online programs, combining online assignments with classroom work.
WPI’s online hybrid program, with a focus on leadership and innovation, launches in May 2011 with 30 students, and Clark offers part-time students some hybrid MBA programs as well. n
Susan Shalhoub is a freelance writer
based in Dudley. She can be reached at sshalhoub@gmail.com.
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