Post: #1

I know this fellow with an MBA whose claim to fame was opening up a used car dealership on borrowed funds. His father otoh ran a very successful large clothing shop on a grade six education starting from, you know, scratch. The lot is now covered in soup while the dad has his minions running his shop while he, dad, has his feet up after 47 years in business.

What I get out of all this is that dad was a poor father because he failed to teach his son how to git 'er done in business. And I blame the son for being a complete imbecile for not taking notes from dad on how to git 'er done without the need for wasting years/money in the theoretical world of the MBA.

Pros and Cons may voice their opinion now...

Post: #2

MBA is a waste of money.

Just read the personal MBA instead.

Also the Education of Millionaires.

Post: #3

If you are working a corporate career and don't plan to create your own business it may very well be worth your time. I don't think the VP of a Fortune 500 company when recruiting for his successor is going to want to hear about the "personal MBA book you read." When people are promoting someone they not only expect results but they are going to cover their asses. If candidate 1 reads like this:

Candidate 1 - Great worker, increased sales 200% in last 3 years, ___ MBA

Candidate 2 - Great worker, increased sales 250% in last 3 years

They may very well go with candidate 1 because its an easier sell if candidate 2 fails. No different than mutual funds buying IBM or Microsoft.

Another example would be when a headhunter is looking for external candidates to take an executive position. Without the MBA many won't even be on their radar nevermind the shortlist.

With that said 2014 I think you have the right approach in that the self-employed don't need an MBA.

Post: #4

What is the MBA of hard knocks and how does it show up on your resume? Do you just mean good work experience?

Assuming MBA of hard knocks = good work experience

Good work experience is better than an MBA with mediocre work experience for most corporate jobs. A top MBA with mediocre work experience is better than good work experience for elite consulting firms. You don't need an MBA if you plan to bootstrap your own company but the network you build in an MBA program is very useful if you need to find potential investors.

As a signalling tool, anything above a top 10, maybe top 20 MBA program is useless. However, the skills you learn in any MBA program are not useless. Even if you plan to bootstrap your own business, you should master basic accounting, economics, operations and strategy. You can do that on your own but an MBA provides an accelerated, structured way to learn those things and some people just learn better in that environment.

Post: #5

Delete

Post: #6

It is getting more difficult to achieve a C-suite position if you do not have an MBA. Just don't get it from Strayer or the University of Phoenix. Get it from a reputable institution.

Post: #7

Just depends on what you want to do and where you can get into.

If you can't get into an elite school you, generally, cannot get into certain jobs.

Post: #8

If you work for a company who will pay for you to get your MBA by all means get it but honestly all the people I know who went for a MBA are people who weren't successful seeking employment with a regular degree or people who wanted to live the student life for a few more years, I've yet to meet someone who has actually put it to use and made the money back by having it.

Also, for starting a busienss you don't need an MBA, if you didn't pick up the skills you needed in high school and college to be an entrepreneur having an MBA isn't going to get you there.

Post: #9

Since law school is no longer en vogue, I've known a lot of guys from my fraternity that have received MBAs over the last few years. All of them went to programs ranked in the 6-20 range. Some used the degrees to switch industries, albeit they ended up getting positions that kids from top undergrad b-schools would get, but I thought it was a good use of money. The guys that went back to the same industry switched firms but ended up in positions that they could have attained with two more years of hard work and networking. As lavidaloca pointed out, the value in the degree is more apparent in the long run than the short run, but that is a much riskier prospect than it was 10-15 years ago.

If you're set on climbing the corporate ladder and/or looking to lateral into another industry, get a degree from a top 20- ideally top 15 program. If you have a business background and want to be an entrepreneur, you're better off reading a few great business books, networking within your industry/city, and figuring out how to fund your first couple of start-ups because nothing you learn in business school will make you less likely to fail on your first venture.

Post: #10

All good points. You can keep your options open by working on your venture, which makes an excellent 'story' for a top 10 application, and also acing the entrance exam which is good for 5 years. If your business ends up taking off the you're only out the money for registration and effort spent studying, and if not you will have some hard earned experience compared to your B-school classmates.

I don't know how schools look at age, so you'll have to make that decision at some point but probably not now.

Post: #11

The last couple of years I have been on the Hard Knocks track. Starting up your own business is nothing like I ever thought.

I thought about the MBA, but after seeing what a friend does all day (fiddle with spreadsheets) at a Major Fortune 500 I figured that whatever I spend in my first venture will be worth every penny.

Its like game. You can read all day about it, but unless you hit the racetrack, its all theory. Now Im learning about things I didint even know I had to learn, battled with a host of thigns, and now starting to see some clarity and the day of light. Its a wild rollercoaster.

Doing it in school will be safer and saner if you can afford the cash. Its also validation from a (hopefully) reputable 3rd party, something that life just cant give you.

However, if I am to hire anyone in the future I rather take my chances with the hustler with a good track record than the MBA from Harvard with no real world experience.

Post: #12

(04-19-2014 04:10 AM)ElBorrachoInfamoso Wrote:  What is the MBA of hard knocks and how does it show up on your resume? Do you just mean good work experience?

Assuming MBA of hard knocks = good work experience

Good work experience is better than an MBA with mediocre work experience for most corporate jobs. A top MBA with mediocre work experience is better than good work experience for elite consulting firms. You don't need an MBA if you plan to bootstrap your own company but the network you build in an MBA program is very useful if you need to find potential investors.

As a signalling tool, anything above a top 10, maybe top 20 MBA program is useless. However, the skills you learn in any MBA program are not useless. Even if you plan to bootstrap your own business, you should master basic accounting, economics, operations and strategy. You can do that on your own but an MBA provides an accelerated, structured way to learn those things and some people just learn better in that environment.

Getting your hands dirty. Having your ass handed to you a couple of times. And eventually, if you're reasonably bright, you'll learn from all the letdowns and humiliations. School of Hard Knocks.

I took notes from dad, although going to school helped "a bit".

Thanks dad.

Post: #13

(04-19-2014 02:59 AM)2014 Wrote:  MBA is a waste of money.

Just read the personal MBA instead.

Also the Education of Millionaires.

In my circle it's generally the people whose marks weren't great; couldn't get into anything because they just couldn't quite make the grade, YET, these are the same people who seem, by the usual measure, successful. They're, as well, way more fascinating/helpful if you need advice that lights that bulb within you.

Someone said, maybe President Reagan, and I paraphrase: It's the C student who hires the A student.