Is MBA Still Worth It in 2023? Here's the Next Thing.

Deniz Sasal
9 Aug 202309:45
EducationalLearning
32 Likes 10 Comments

TLDRThe speaker reflects on the evolution of the value of an MBA degree, noting that while it once offered a significant advantage, especially for those from wealthy backgrounds, the landscape has changed. The increasing technical nature of professions has diminished the MBA's role as a differentiator. The speaker suggests that today's professionals should focus on developing technical skills and considers Executive Education programs from top schools as a viable alternative for career advancement, emphasizing the importance of brand names on a CV for credibility.

Takeaways
  • 📈 MBAs were once a significant advantage for career advancement, particularly for those with the financial means to pursue them.
  • 💼 The value of an MBA has diminished over time due to changes in the job market and the increasing prevalence of technical skills.
  • 🌐 Technical expertise has become more important than a generalist MBA degree for professionals to stand out in their fields.
  • 🎓 Business schools have adapted by offering online MBA programs, reducing entry requirements, and providing discounts to attract more students.
  • 🔍 Hiring managers now recognize that an MBA degree alone is not sufficient to differentiate candidates in a highly technical job market.
  • 🏢 Executive Education programs from top schools can provide a brand name boost to one's CV, but may not offer the same level of differentiation as in the past.
  • 🛠️ Professionals should focus on developing deep technical skills and knowledge in their specific fields to remain competitive.
  • 📚 For those seeking knowledge rather than brand name, self-study through books may be a more effective approach than an MBA or Executive Education program.
  • 🤝 Networking and job hunting strategies can be as important as qualifications for career advancement.
  • 🎯 The ultimate goal for most professionals is a better quality of life, which often correlates with a higher salary and a reputable employer.
  • 🚀 To make a significant career jump, one may need to focus on improving job hunting skills rather than solely relying on academic qualifications.
Q & A

  • What was the historical advantage of having an MBA degree?

    -Historically, an MBA degree provided a significant advantage, especially for those from wealthy backgrounds or with high salaries, as it allowed them to make a massive leap in their careers. It served as an ultimate differentiator in a non-technical world where most candidates had similar experiences.

  • Why did the speaker choose Cambridge for their MBA?

    -The speaker aspired to attend Cambridge for their MBA because it was one of the best and most reputable programs in the world at the time.

  • What changed in the professional world that diminished the value of an MBA?

    -The professional world has become more technical, detailed, and specialized. As a result, a generalist approach, like what an MBA provides, is no longer sufficient, and companies expect candidates to come prepared with technical skills rather than receiving training from them.

  • How have business schools adapted to the changing landscape?

    -Business schools have adapted by offering online MBA programs, eliminating entrance exams like the GRE and GMAT, and increasing class sizes. They have also made the process easier by reducing the requirements for attending classes in person and offering discounts for online courses.

  • What is the speaker's view on the current saturation of master's degrees?

    -The speaker believes that master's degrees, including MBAs, have become so common that they are now the new bachelor's degree. This saturation reduces the unique advantage an MBA once provided.

  • What alternative does the speaker suggest for career advancement?

    -The speaker suggests considering Executive Education programs from top-tier schools as an alternative. These programs offer the prestige of a brand name without the high cost or long duration of an MBA and can still add credibility to one's profile.

  • How does the speaker describe the role of brand names in a professional profile?

    -The speaker compares a professional profile to a brochure of an assembled PC, stating that having big brand names in your CV is like having high-quality components in a computer. It makes your profile more preferable and credible to hiring managers.

  • What does the speaker recommend for those who cannot pursue an MBA or Executive Education?

    -For those who cannot pursue an MBA or Executive Education, the speaker recommends focusing on acquiring technical skills through books and other resources, as well as improving job hunting strategies to enhance their profile and career prospects.

  • What is the speaker's opinion on the effectiveness of online MBA programs?

    -The speaker is skeptical about the effectiveness of online MBA programs, as they believe that the lack of in-person interaction with professors and peers, as well as the ease of obtaining such degrees, diminishes their value.

  • What is the main factor the speaker believes is missing from most people's career profiles?

    -The speaker believes that most people are missing effective job hunting strategies, rather than a lack of qualifications or educational background. They suggest that learning how to job hunt properly can make a significant difference in one's career trajectory.

Outlines
00:00
🎓 The Changing Value of an MBA

This paragraph discusses the evolution of the MBA's value in the job market. Initially, an MBA from top programs was a significant advantage, particularly for those with the financial means to pursue it. It could greatly enhance one's career prospects. However, the speaker reflects on how the landscape has changed. The job market has become more technical and specialized, reducing the differentiation that an MBA once provided. The speaker suggests that now, having technical skills and deep knowledge in a specific area is more valuable than a generalist MBA degree. Business schools have adapted by offering online MBAs, but the speaker questions their value in a saturated market where everyone has some form of a master's degree.

05:02
🏫 Executive Education as an Alternative

The speaker explores Executive Education programs as an alternative to traditional MBAs. These programs, offered by reputable schools, can add credibility to a professional's profile without the high cost and time commitment of an MBA. The focus is on leveraging the brand name of these institutions to enhance one's CV. The speaker emphasizes the importance of the brand in the job market, comparing a CV to a brochure of an assembled PC. They also mention their own Lig program as a cost-effective way to improve job hunting skills and gain a competitive edge, suggesting that sometimes, the right strategy and knowledge can be more important than formal education for career advancement.

Mindmap
Keywords
💡NBA
In the context of the video, 'NBA' is mistakenly used instead of 'MBA'. An MBA, or Master of Business Administration, is a prestigious postgraduate degree that focuses on business and management skills. The video discusses how an MBA was once a significant advantage for career progression, particularly for those from affluent backgrounds or with high salaries sufficient to afford the tuition fees.
💡Career Advantage
Career advantage refers to the competitive edge or benefits one gains in their professional life. In the video, it is suggested that an MBA degree used to provide a significant career advantage, allowing graduates to leap forward in their professional journeys, especially when compared to those without such qualifications.
💡Technical Skills
Technical skills are specialized abilities and knowledge required for specific jobs or professions. The video emphasizes the increasing importance of technical skills in the modern job market, where a generalist approach, such as that offered by an MBA, may no longer be sufficient. The need for deep, specialized expertise has replaced the broad knowledge base that an MBA might provide.
💡Differentiation
Differentiation refers to the process of distinguishing oneself from others, often in a professional context. In the video, the speaker discusses how an MBA was once a key differentiator in a non-technical world but has since become less valuable as professions have become more technical and specialized.
💡Online MBAs
Online MBAs are graduate-level business degree programs that are conducted through digital platforms, allowing for remote learning. The video discusses the proliferation of online MBA programs and how they have contributed to the saturation of the market, diminishing the unique value that an MBA once held.
💡Executive Education Programs
Executive Education Programs are specialized courses or workshops designed for professionals who wish to enhance their skills and knowledge without necessarily committing to a full degree program. These programs are often offered by top-tier business schools and can range from a few weeks to several months in duration.
💡Brand Name
In the context of the video, a brand name refers to the reputation and recognition associated with a particular institution or company. The speaker argues that having brand names from prestigious schools or companies on one's CV can add value and credibility, making one a more attractive candidate for potential employers.
💡Job Hunting Strategies
Job hunting strategies refer to the methods and tactics used by individuals to seek and secure employment. The video suggests that many people may not be aware of effective job hunting techniques and instead rely on generic online applications, which may not be sufficient for landing high-quality positions.
💡Quality of Life
Quality of life encompasses the overall well-being, satisfaction, and happiness of an individual, which is often associated with factors such as financial stability, health, and personal fulfillment. In the video, the speaker connects the pursuit of a higher quality of life to professional success, suggesting that a better job can lead to a more satisfying and debt-free life.
💡Competitive Job Market
A competitive job market is one where there are many applicants vying for a limited number of positions, leading to intense competition among job seekers. The video acknowledges the challenging nature of the job market, particularly for high-caliber white-collar jobs, and suggests that success is not solely determined by one's educational background or profile.
Highlights

NBA was a great advantage for those from rich backgrounds or with high salaries.

Graduates from top MBA programs could significantly advance their careers.

The era of NBA being a guaranteed pathway to success is over.

The job market has changed, now favoring technical skills over a generalist approach.

Business schools have adapted by offering online MBAs and reducing entry requirements.

A master's degree has become as common as a bachelor's degree.

Executive Education programs can add credibility to your profile.

Brand names on your CV can make you a more attractive candidate.

The LG program is affordable and has helped students secure high-caliber jobs.

Improving your job hunting strategy can be more beneficial than an MBA.

The key to a better quality of life is not necessarily an MBA but effective job hunting.

For those not after a brand name, books can be a better source of knowledge.

The speaker saved their salary for an MBA degree at Cambridge but couldn't attend due to financial responsibilities.

City University London provided a massive opportunity for the speaker's career.

Returns on an MBA will compound until retirement, making it an amazing deal in the past.

The new differentiator in the job market is technical skills rather than an MBA.

Business schools have recognized the inevitability of change and adapted their offerings.

Online MBAs and discounts are now common, but they may not guarantee the same outcomes as before.

Transcripts

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MBA ValueCareer AdvancementTechnical SkillsExecutive EducationJob Market ShiftBrand Name ImpactOnline MBAProfessional DevelopmentHiring TrendsEducational Strategies