MBA not worth paper it's written on 2006-10-12 09:00:47

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MBA not worth paper it's written on
In 1989, I completed the final examination for my undergraduate degree - a three-hour philosophy paper in metaphysics on (I kid you not) "Time."

I promised I'd never sit another test in my life.

After spending a day at the London MBA Fair last week, I'm convinced that only a masochist would enlist for a Master of Business Administration degree.

"It stands for Master of Bugger All," joked John Forgan, the course director at Kingston University London. "Married, But Absent," said Carl Tams of the UK Association of MBAs.

"It really can take over your life."

Education specialists decry grade inflation, as easier exams and softer marking make it easier for each year's graduating class to surpass the results of last year's students.

I'm more concerned about degree inflation; as more people sign up for MBAs, the myth that you need a higher degree to prosper in your chosen career becomes self-perpetuating.

In a London hotel conference hall stinking of aspiration, representatives of 43 European business schools laid out their glossy brochures and idealistic slogans on May 15 as bait for more than 700 MBA wannabes.

I've seen less aggressive stallholders in a Cambodian flea market.

The Association of MBAs says the average United Kingdom course costs from 10,000 pounds (US$18,700) to 25,000 pounds, with some topping 40,000 pounds.

In the United States, the Harvard Business School Web site says it charges almost US$70,000 for a nine-month MBA program.

For 945 pounds, a company called Kaplan Inc. will coach you through the exam, which covers analytical writing, quantitative analysis and a verbal section to give an overall score out of 800.

You'll need 680 points to get into the London Business School, the Kaplan brochure says; for Harvard Business School, the average is 708, at Cambridge it's 670 points.

Forgan at Kingston University said he's handled MBA applicants ranging from nuns to nightclub owners.

Brandishing a copy of "The Ten-Day MBA" by Stephen Silbiger, he had this advice for the roomful of prospective students: "Read this. Save yourself a lot of time and money."

(The author is a Bloomberg columnist. The views are his own.)


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