What is the staying power of an MBA education? Why year after year do students sign up for the countless MBA programmes across the world? Are they after new skills? Maybe. Eager to learn about the latest academic research output? Unlikely. Keen to go through a learning experience? Possibly. In search of a networking opportunity? Most certainly.
But perhaps a principle motive is to boost their career prospects. The notion that the harder you work, the higher you will climb the corporate and therefore social ladder is rooted in our DNA. Very often, this also translates into the higher you are in the corporate echelons, the more successful you are. For many, an MBA degree promises to deliver this; for anyone wishing to progress in their career, just get an MBA and its magic will do the rest.
Except that this magic stopped working quite a long time ago.
On the one hand the financial crisis of 2008 caused many businesses to cut hiring, leading to a shortage of those jobs that MBA graduates covet. For others there has been a dawning realisation that cost-cutting employers are unlikely to offer financial sponsorship for those wishing to study for an MBA. As a result students have resorted to taking out large loans to finance their business education...