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I don't have an MBA, and I've never wanted one. I earned several masters degrees and a PhD, but I never found the MBA to be a good investment when it came to actually understanding what I needed to do with my career. But unlike many of my friends, I wasn't headed to Corporate America. Instead, I wanted to be a professor and entrepreneur, neither of which requires an MBA.
My brother Lawrence is also getting an MBA from Cornell University, but he doesn't want a job. Instead, he wants to utilize the network of the university to build his own business. I agree with this philosophy, since ownership is the key to building black wealth in America. Understanding business from all angles is critical to running a top notch organization.
What is surprising, however, is that there are some captains of corporate America who are starting to question the value of an MBA when attempting to reach your goals. Mind you, this does not imply that the MBA cannot be an important piece of your long-term career plan, but it says that the MBA might not be enough.
What is underemphasized by many who attempt to climb the corporate ladder is the necessity to learn the intangibles that come with corporate success. Fenorris Pearson, CEO of Global Consumer Innovation, Inc., argues that playing the game at the top of corporate America involves a set of skills that are not taught in a typical MBA program. Instead, Pearson believes that things like managing your peers and forging the right alliances can be critical to corporate success.
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In his new venture, called "The Corporate Climb," Pearson lays out strategies he learned during his years as a Vice President of Global Consumer Innovation for Dell. He explains that having the credentials is only the beginning when it comes to managing life at the top. An MBA can open doors, but you must have quite a few additional skills to walk through the doors that have been opened.
As someone who has taught MBA students for over a decade, I can also testify that the MBA should only be one piece of your long-term career building plan. This expensive piece of merchandise will only give you top value if you use it in the proper way. At the same time, I advise all of my business school students to get an MBA eventually, since you need all the advantages you can get. Based on my experience teaching MBA students, here are some quick thoughts on the value of the MBA.
1) The MBA is important: Some kind of post-secondary education is highly recommended for most college students, especially those majoring in business. You shouldn't just go to college: you should be at the top of your class and get as much education as you can. Mediocrity should not be on your agenda.
2) You have to supplement the MBA with work experience: Just having the degree doesn't mean that companies are going to come banging down your door. You have to do internships and find other valuable experiences which will help you convince your employer that you can add to the bottom line. All the credentials in the world are not nearly as valuable to a company as a person who knows how to "make it rain" financially.
3) The MBA is expensive: Many schools simply sell MBAs, meaning that if you pay a massive amount of tuition, you are probably going to get the degree. The average price of an MBA has spiraled to over $100,000 and now serves as a major money maker for most business schools. So, if you make this investment, make sure you are getting what you expect on the back end: more job opportunities and a salary high enough to pay off your student loans. If the investment pays off, then this can be a solid career move.
4) Make sure your school helps you to find a job: The quality of the career placement center is incredibly important. If the school can't place its graduates into high salary positions, then you may find yourself disgruntled.
5) Don't leave your fate in anyone else's hands: The National Black MBA Association and other organizations hold networking conferences which can allow you to find opportunities for yourself. Do not be afraid to use these resources. You have to pound the pavement and create your own luck. Don't let anyone take control of your future.
6) Consider owning your own ship: Remember that the key to financial, social and psychological freedom is to own something. Black entrepreneurship is incredibly important to our community and your corporate experience can be a good foundation for you to own your own business. So, as you build your career in corporate America, don't be afraid to create your own job via entrepreneurship. It might be the most rewarding decision you ever make.
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Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of "Financial Lovemaking 101: Merging Assets with Your Partner in Ways that Feel Good." To have Dr. Boyce commentary delivered to your email, please click here.
Comments: (9)
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By: kingdavidlives on 9/01/2009 12:22PM
Many college-educated Blacks are losing jobs at an alarming rate. Doing what is necessary to get a "good" job is fine and dandy. But, we need to save money from the job to invest and to start businesses. This is where wealth is created.
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By: Sheryl on 9/01/2009 7:26PM
Does this mean that kissing ass and good customer service skills, along with a "it's not what you know, but who you know" attitude, will boost your career in 'corporate world'? I'm just trying to read in between the lines.
(Fenorris Pearson, CEO of Global Consumer Innovation, Inc., argues that PLAYING THE GAME, at the top of corporate America involves a set of skills that are not taught in a typical MBA program. Instead, Pearson believes that things like managing your peers and forging the right alliances can be critical to corporate success)
In my opinion, any moron would know not to get an MBA if they are not going into business... or least I would hope not. That's like going to law school to be a doctor.
I am a Criminal Justice major, and I am planning on obtaining a Masters in Organizational Security w/ emphasis on white collar crime, there is no way I would spend money on an MBA
My husband has a BSN, and a Masters in Disaster Mgmt, he recently obtained an MBA, because he is planning on starting a business in the future. So, that was money well spent.... for him.
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By: Letica Fox Thomas on 9/03/2009 3:55AM
uhmm good discussion to have but consider the following:
-an MBA almost always requires some work experience beforehand which signals a more prepared professional when compared to say a JD or MA student since they usually come right out of college
-an MBA is the most flexible of the degrees. Consider that hospitals, schools, NPOs, law firms, and are all businesses that can fail due to poor business practices regardless of the ability to perform their respective services
-sounds contradictory to have "several masters degrees and a Phd" and then say an MBA is not a good investment the former seems more efficient than the latter.
- Soft skills are the things that make the difference but are they taught in any other graduate degree types? I would argue that an MBA is better at polishing skills like negotiation, networking, adaptability, and “schmoozing” than any other degree because that is the point of a “businessman” (or Businesswoman in my case). Further, consider the nature of the work done in an MA or JD (Research, reading, rewriting or regurgitating information) vs. an MBA (a case study, experiential learning, business-plan writing)
-understanding what to do with your career should not lie in a degree program of any sort. That is a very personal and introspective process that takes a lot more time than people usually give it. At least an MBA has worked for a few years and can say something about what they do and don’t like in a career. In an era where top Journalism ( Columbia $48,732) and Film schools (Tische ~43,000) cost as much as an MBA (~48,000 NYU) the better investment is the one that can weather a storm like the economic nor’easter we are fighting our way out of now.
- I certainly do agree that starting your own business is the key to any financial independence or wealth. But how else will you finance the start –up costs? Most Master degrees (excluding specialized MS programs) don’t see the kind of money an MBA sees in the first 5 years after graduation.
- I think MBA’s tend to get comfortable with the corporations and are too lazy or scared to venture out after a while. This may be because on average new MBA’s are older than new masters or Law students and so family, mortgages, and the ever popular student loan influence the decision to be risk adverse
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By: Lila Thomas on 9/03/2009 1:16PM
I recently completed a MS degree in Human Relations and Business. I am trying to get a job with the federal government. I have been reading a federal blog for the past several months where the commenters are those who are seeking federal employment, advice regarding moving up in the federal workforce, advice on employment laws, writing resumes, ksas and other subjects that are valuable to those seeking federal employment or guidance for their federal careers. What I have found surprising during the time that I have been reading this blog is that an MBA or even a JD does not guarantee you a job offer. Many people commenting on this blog have very impressive backgrounds. They often provide a long list of their accomplishments but then state that they have had great difficulty in finding federal employment. Some people often hurl insults at the federal government and note that many people in high paying positions within the federal government do not even have degrees. They do however, have a lot of experience.
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By: Kaneisha on 9/04/2009 9:14AM
I am all for people getting their post-secondary school education and studying a major/field in order to obtain a degree. But noticed that the "MBA plan" has backfired on more than a few people. A lot of people I went to high school with are now done with school and are struggling to find a job. And when they do go on an interview, they always seem to pick the candidate who has more experience and not someone who is entry level. As for myself, I did not attend college and I am making more money as a medical transcriptionist than my friend who I went to high school with has the MBA and works at Best Buy. (Shrugs) I am not trying to down anyone who took that route, all I am saying is that the grass isn't always greener. My best friend is a teller manager for Bank of America and the tellers that she supervises at her banking center have BA's and she makes more than they do and she DOES NOT have a degree. Going to college is bitter-sweet. Some people have success stories and then I see others who feel cheated and did not benefit from all those years of hard work & dedication.
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By: taralbradley on 9/04/2009 8:12PM
We should really be asking ourselves why would we even question whether or not any type of education is irrelevant and non-important. The people who suggest this is feeding into the trap of being brainwashed that education is of no value. American schools are falling at an alarming rate in comparison to foreign public school systems. One valuable tool I learned in B-School (MBA) was deciphering and developing financial statements. Most people can not do this. This can be helpful in investing not to mention as you complete your MBA you can go test to become a CPA (Certified Public Accountant-options) which can be a moneymaker as primary and/or secondary income. Also in this country I would have to behonest that race, gender, & sexual orientation plays more of a role in hiring decisions moreso than educational achievments.Some of you were right about alot of people running Corporate America not having education but on-the-job training. You have question whether or not that has contributed to the blow-up (financial markets crashing) we are currently still reaping the results from.In previous roles, I have reported to people who were experienced but most of the time they simply did not have a clue how to manage the tasks at hand. I think it should be a combination of both education and experience. Bottom-line: YOU CAN NEVER GO WRONG ON EDUCATION, ALTHOUGH YOU HAVE TO BE SMART ABOUT WHAT PROGRAMS YOU GET IN TO. THERE ARE A LOT OF BOGUS PROGRAMS OUT HERE.
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By: bsar on 9/06/2009 9:07AM
I only have a BBA and some graduate course work, but no graduate degree. I have 29 years of Federal Government experience and make a decent salary. I have about another 10 or 15 years left to work (I can retire in about 8 years but probably will not). In any event, I am topped out and am contemplating going back to finish up my Masters. I've traveled and worked all over the country with the Federal Government, which is an advantage that most employers may not offer. One of the earlier posts is right in that you do not necessarily need a Masters to move up in the Federal Government. However, the Federal Government is hiring alot of interns with Master's degrees straight out of school. Due to succession planning, the push right now is to hire the best and the brightest. Most new hires in my office have a minimum of a Masters. Others in the office are working toward a Masters degree. At the time I was hired several years ago, many did not have a degree. This is now changing. I don't know that I want an MBA, except to go into business for myself. Since I have so many years vested in the Federal government, I will be there until I retire.
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By: ygt on 9/07/2009 10:54PM
I have a BA in Psychology and an MBA, which was a great investment for my career. I think that we must step back and look at the big picture, which is education. I would encourage anyone to pursue a higher level of education, but the choice should be based upon what career field an individual would like to pursue. An MBA does not guarantee a position in Corporate America, but it does not hurt either.
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By: Clayton on 7/07/2010 3:33PM
Interesting read. Certainly people should think before they act. However, I find a few thoughts perhaps misstated:
An MBA would certainly help one become a better entrepreneur
"What is underemphasized by many who attempt to climb the corporate ladder is the necessity to learn the intangibles that come with corporate success. Fenorris Pearson, CEO of Global Consumer Innovation, Inc., argues that playing the game at the top of corporate America involves a set of skills that are not taught in a typical MBA program. Instead, Pearson believes that things like managing your peers and forging the right alliances can be critical to corporate success. "
Then Pearson doesn't investigate good programs. I'm not surprised, I've seen many MBAs who still don't get the human side of things at all. But, they are being taught, not everyone pays attention.
I echo Letica's comment on MBA requiring workexperience to get in as well. More schools are lenient on this these days to get enrollment up, but on average, it's true.
Overall I find the title misleading as well. Certainly you have not proposed that an MBA is worthless. You have stated it's not for everyone, and it may not "be enough", but not worthless. Furthermnore, it does not have to be as expensive as you quoted.
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