Rantings and tirades of a frustrated economist.
Hahahahahaha.. MBA's are another joke from academia..."Jeffrey Pfeffer teaches in Stanford’s business school. In 2002, he released the conclusions of his study of the economic payoff of earning an MBA at any of the also-ran business schools. Here is a summary of what he found.In articles published in Business 2.0, National Post, the Chicago Sun-Times, and the Chronicle of Higher Education, Stanford Business School Professor Jeffrey Pfeffer stated that you may be just as successful in your career if you do a two or three week boot camp on business basics instead of a two-year MBA.Professor Pfeffer analyzed 40 years of research on the economic value of an MBA degree. He concluded that it does not guarantee a successful career or a higher salary. His research was published in the Fall 2002 issue of the Academy of Management Learning and Education.How many aspiring business school applicants are aware of this? Not many. The business schools’ faculties have no incentive to spread the word. Their livelihood depends on widespread ignorance about this study. After all, they are ill-equipped to compete in the world of business.He also said, "Little of what is taught to students in business school prepares them for the corporate workplace. You have to question what goes on in the two years it takes to get an MBA, if someone can virtually be equivalent in two or three weeks. What that suggests to me is that if you take a smart person, and give them a relatively short course, a mini-MBA, if you will, they basically do as well as the MBAs."https://www.lewrockwell.com/2005/02/gary-north/youre-fired/
If I read that graph right less than 1% of the population has ever possessed an MBA? Lucky I guess, I worked for a tech company that was desperate for techies that had business acumen to assess projects. Got a full boat ride for my MBA education.
Tucanae Services: That graph shows the percentage of the population that received an MBA in any given year. Since people who get MBAs still have them next year and most of them are still working (since they have to pay off their student loans), the percentage of the workforce with MBAs is related to the integral of that graph. And labor participation rates are in the 60s, so the percentage of workers with MBAs is probably 1-3% now.
Wake Forest, Virginia Tech, and Iowa just cancelled their full-time M.B.A. programs. Instead, schools now offer specialized M.S. programs in finance, accounting, information technology, etc.
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