A couple weeks back, the Wall Street Journal’s Op-Ed section contained three arguments blaming B-School’s for the economic crisis. I’ll summarize them here:
- First Argument: Academic lessons and nature of bureaucracy and board-formation has engendered a ridiculous, political arrangement of boards within large corporations. These academics have drowned out the entrepreneurial spirit that once got the corporation where they are today
- Second Argument: The true problem with Business Schools centers on the complete lack of a moral compass. Kids these days are ungodly, immoral, blah blah blah.
- Third Argument: MBA’s are too quantitative, not qualitative. They only understand theory, and the science behind business, not actual business itself.
I would put the problem with B-School another way. The problem is not with business school, but instead with the expectations others hold for business schools. Many individuals feel business school should train an army of Meg Whitmans. Their expectations for having a pure-bread, zombielike army is frightening. In fact, many individuals arguing against business school are just regurgitating what they’ve heard from a friend’s friend’s story. Many of the arguers don’t really understand what the outcome of business schools are. And it’s actually quite simple. There’s only two. They may beat their chests as they retort overrated missions. But, anyone who attends B-School understands that these two outcomes are the only thing valuable about the experience:
- The opportunity to Learn about business. You can learn about business (different functions, definitions, how to look at a profit-loss statement); however, you can not learn how to conduct business through business school. You learn that by doing, not by staring at definitions. You can’t learn to swim by reading a book.
- The opportunity to Build Relationships. You’ll meet people that will open doors for you that otherwise would not be available. You can argue how really valuable this is. I’m actually not sure whether it’s worth it ($100k). Likely, you’ll leave business school with three close friends who will be valuable to your future success, and of course, you’ll be valuable to theirs (advice, referrals, opening doors).
