Monday, September 30, 2019
Following up on my previous post, WSJ: More Universities Close Their Full-Time MBAs Programs, Shift To Online: Wall Street Journal: Is an M.B.A. Still Worth It?, by Andy Kessler:
[S]hould you get a master’s in business administration? These days a lot of people are rethinking that question. Applications are down, even at HBS and GSB (that’s Stanford’s Graduate School of Business—get with the lingo). The number of GMAT test scores sent to two-year, full-time M.B.A. programs has plummeted since 2015. Last year 70% of two-year M.B.A. programs saw declining enrollment; in 2014 it was only one-third. Rats deserting a sinking ship?
Before I really pile on, it’s worth mentioning that there are a few decent reasons to go. The first is pedigree. If you want to get a job on Wall Street or in private equity, you pretty much need an M.B.A.—a golden ticket. ... Another reason to go is the networking. ...
But—you knew this was coming—man oh man is it expensive. HBS tuition is now $73,440 a year. Total costs are estimated at $110,740 if you’re single and more than 150 grand if you’re married with two children. That excludes the cost of your MacBook, let alone forgone wages. You’d better get that Wall Street job. ...
All this leaves the impression that, beyond finance, M.B.A. programs are still geared toward an industrial America that is shrinking—much like B-school enrollment.
Here’s a tip that no M.B.A. program teaches: My editor taught me that if you ask a question in a headline, the answer is usually no.