I have just read a blog by Rita McGrath at Harvard Business Review. She was commenting on the article published in the Wall Street Journal claiming that the appeal of MBAs has been diminishing over time with more and more business schools mushrooming in the US and globally. I am attaching the link to the article itself below:
In my opinion as I have outlined in my previous blog, there are more advantages than drawbacks to doing an MBA. However, I do tend to agree that the supply of MBA degrees seems to have outweighed the demand for them. Moreover, a lot of the offered degrees are not fully accredited and the universities providing them are not the highest ranking in their region and in the world.
I believe that doing an MBA is only really worth it when you decide to take this course from a high ranking university. I have personally considered schools from the top ten in the UK. To some degree, I concur with people who claim that the value of an MBA is not all about the university ranking – however, think about it – which school will stand out on your CV to a potential employer – The London Business School or unknown school X just that has just recently diversified into offering MBA courses.
It is all about people psychology – the majority of people would select a candidate with the top B-school mentioned on their CV even though he may not be the most intelligent of the applicants. But the appearances still matter. This is especially the case in such vain industries as finance and sales.
I had a friend who completed their MBA at a low ranking school in the UK – a very cleaver, creative and entrepreneurial girl. She had given up her high income full-time job to dedicate herself entirely to her one-year MBA course with the hope and confidence she would get a better job after the course. This has not materialised. She later told me that at interviews, employers were not impressed with her distinction level MBA and openly asked why she had chosen this school instead of the LBS, CASS or Warwick.
Such is the story of our world – everything still seems to be superficially based on appearances, strong brands and self-marketing. Shame, but to survive and stand out, we need to be able to fit in.