The news for the economy doesn’t look all that hot right now.  Just today I was watching a major news network talk about the possibility of a recession in the United States and the Federal Reserve’s measures to attempt to prevent this from happening.  But no matter which way you slice it, things are beginning to tighten up.  Tonight I come across an article by the Times Online in the United Kingdom about how an economic downturn may prove to be fertile grounds for MBAs, potential MBAs and newly minted grads.  Basically the argument is set forth that as jobs tighten up, managers would do well to stay on top of the competition by getting their MBA.  Where newly minted MBAs are more likely to have a job waiting for them than their non-graduate degree counterparts.  Then once the economic downturn has run its course, these men and women will be in the best positions to take advantage of the new growth businesses will experience.

I have my own thoughts on the matter.  Personally I believe that an MBA is a good idea for personal and intellectual growth at anytime.  However in the face of economic uncertainty I believe that a potential student needs to carefully weigh their prospects of retaining their current job or getting a new job in the future against incurring debt or spending a large portion of savings on attaining that MBA.  I have written in the past about graduates of MBA programs realizing gains that can be attributed to their newly earned credentials with most seeing some sort of return within about 3 years or so of graduation.  Now I don’t remember who performed the study or when the study was done, but I did publish it in my blog so search my archives.  The deal is that an MBA is not a quick fix nor is it an instant solution to anything.  Many MBA grads will spend years in the workplace before their credentials will be taken into account to edge them ahead of their peers for a job promotion or in being considered for a new job.  Often an MBA will provide skills which will get you somewhere but only after you have started out at a lower level and literally worked your way up in which case it was your skills and knowledge which got you ahead, not your MBA necessarily.  

A degree is a small piece to an overall larger puzzle.  Often a degree will be a minimum requirement, in which case you will be required to demonstrate some value after the check box has been filled in.  In this case the degree will simply get you to the next level of consideration but not necessarily the job.  While many employers do like to see advanced graduate education on a resume, education cannot compensate for lack of experience and certainly is no guarantee to instant success.  In fact I believe there is no such thing as instant success and the only people who believe there is aren’t paying attention.  

For more on the article see:

 http://www.timesonline.co.uk/tol/life_and_style/career_and_jobs/mba/article3446752.ece

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