Is It Still Worth Getting Your MBA?

With the current financial crisis in full swing and many of the traditional high paying Wall Street type jobs in short supply or even non-existent, many prospective MBA students are asking a simple question; Is it still worth getting an MBA?  The answer, like many in life is more complex than it appears but hopefully this article will present some clarity and guidance.

For years students have ruthlessly competed with each other in order to get accepted to one of the top MBA programs in the country and for good reason.  Graduates from the top 10 or 20 schools such as Wharton, Harvard, Columbia and Northwestern were virtually guaranteed lucrative job offers for high paying Wall Street jobs in investment banking, sales and trading, research and others.  These sought after positions not only had attractive, often six figure starting salaries but the potential to make many times that in bonuses come the end of the year.

With the collapse of Bear Stearns and Lehman Brothers and the effective nationalization of the remaining investment banks things have changed considerably.  Thousands of layoffs have left the remaining employees clinging to their jobs and flooded the workforce with endless streams of qualified, talented job candidates.  In addition, compensation packages for the remaining banks have been cut and the federal government seems to be exerting pressure to reign in pay and bonuses even more.  In short, the days of the easy money are over.  This year many MBA graduates were jobless upon graduation and the dreams of making millions within a few years out of school were dashed.

Thankfully, all hope is not lost.  There are still very good opportunities for those that get their MBA.  For one thing, for those that relish travelling, one of the trends that has emerged is that graduates from Top American MBA schools are being lured away by foreign companies in exotic financial locales such as Abu Dhabi, Moscow and Zurich. 

Around the world, American institutions of higher learning…especially the Ivy League and select top schools are lauded as the best.  This international selling point is an oft overlooked opportunity for students here.  While a Harvard graduate might be up against Yale, Wharton, Princeton and Columbia graduates for a lone New York City position, in a foreign country that same candidate would face far less stiff competition and in fact might be recruited over simply because of the prestige of his degree.  This ‘talent raiding’, if played properly can reward students with great opportunities.

Another trend that makes getting an MBA worth getting is the emergence of new start-ups and entrepreneurial ventures.  Many of those laid off from banking jobs in the past year have accumulated a nice stash of money and made the connections with venture capital firms and private investors to go out and create start-up companies.  Those that are savvy networkers can track down alumni from their schools and hook up with exciting cutting edge companies just as they’re starting out in such industries as solar and wind energy, Web 2.0 ventures and various technology and environment start-ups that are receiving investment capital from the Obama administration.

Finally, an MBA is always a great way to learn a core business skill set in various disciplines from finance to marketing to management.  For more great information about the MBA and all the opportunities it affords please visit www.MBAonline.me.

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