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To MBA or not to MBA

Yehuda Baruch
University of East Anglia, Norwich, UK

388
Abstract
Received 1 April 2009 Revised 27 April 2009 Accepted 27 April 2009

Purpose The purpose of this paper is to critically reect on the value of the MBA a Master in Business Administration, considered the agship of business and management education. The author aims to bridge the gap in the understanding of the possible added value of the MBA. Design/methodology/approach This conceptual paper is enriched by ndings from secondary data, surveys with managers in the UK, and interviews with human resource managers of leading US rms. Findings The MBA can generate signicant tangible and intangible inputs to graduates careers and their employing organizations. Having an MBA contributes considerably to graduates human capital. Employers may prot from such contributions, while an indirect positive effect is implied at the national level. Research limitations/implications The knowledge of MBA impact should be based on rigor studies rather than unsupported assertions. Practical implications The MBA is the closest thing to a qualication to manage. It generates positive outcomes and lead to good management. For individuals, embarking on MBA is a major career decision, carrying certain risks, but offer high potential for return on investment. Originality/value This contribution is of special importance amid the recent criticism of the MBA by prominent management scholars. Keywords Careers, Human capital, Master of business administration, Value added, United Kingdom, United States of America Paper type Conceptual paper

Career Development International Vol. 14 No. 4, 2009 pp. 388-406 q Emerald Group Publishing Limited 1362-0436 DOI 10.1108/13620430910979862

Corporations look for the best people and for better ways to develop their managerial inventory. People strive to gain skill, competencies, and qualications that would make them better leaders and managers. Both corporations and individuals seek to make an investment that would yield the best return. One way to achieve this is the Master in Business Administration (MBA), which is considered the agship of business studies education. Does the MBA produce the ultimate solution? Business schools labor to nd the right answer. Much opinion has been aired on this topical issue, but little evidence is presented in the literature. More specically, the entire concept of MBA and its contribution prospects has been subjected to strong attacks from within the system. Prominent scholars have questioned its value and relevance (Bennis and OToole, 2005; Gabriel, 2005; Grey, 2004; Kretovics, 1999; Mintzberg, 2004; Navarro, 2008; Pfeffer and Fong, 2002; Porter and McKibbin, 1998). In this paper, I examine the value of the MBA, in terms of both tangible and intangible benets for graduates and for their employers. Different populations would have a variety of expectations from the MBA. I will also discuss the prospects that the MBA studies would add to national competitiveness, and if so, in what way. Data were collected from a number of secondary sources, a sample response from open questions in a survey conducted with managers from four leading rms in the UK. Further view-point was gained via interviews conducted with HR managers of two major US rms.

I have developed a contingency perspective on the value of the MBA, with a view to understanding the added value that the MBA generates for graduates and for their employing organizations. Furthermore, I identify individual and organizational factors that affect the value of the degree. I will analyze and discuss the value of the MBA, comparing its benets and value with the possible pitfalls and costs. This will be done on three levels, following Klein and Kozlowski (2000): the individual, the organization, and the wider society. I aim to provide a balanced perspective of the benets as well as possible pitfalls of the MBA studies. The paper has no presumptions of covering all the possible criticism of the MBA (e.g. contribution to net outcomes, the t between knowledge gains and business needs, possible unethical practices, and the possible bias of the MBA towards the American culture). Organizations utilize their resources and assets to obtain and retain competitive advantage, and the too true cliche that our people are our most valuable assets needs to be reected in investment in the right people (Pfeffer, 1998), a basic HR role that will continue to be crucial in the future (Losey et al., 2005). Competitive advantage may be gained by focusing on the value chain, cutting-edge technology, knowledge management, or global strategy, to name just a few. The common denominator for these is the dependency on people and their management. The intangible assets, embedded in people, form the primary organizational capability for corporate growth and wealth creation (Mayo, 2001; Pfeffer, 1998; Quinn, 1996; Teece, 1997) as well as inner strong values (Vigoda-Gadot and Grimland, 2008). Within this context of the management education, the question remains: what is the added value that the MBA bestows upon graduates competence? Does it improve the quality of managerial talent? If so, what are the implications for employers and the wider community? Developing and improving peoples ability stem from learning. Training and education form crucial parts of learning processes and organizational development. The most well-known and accredited developmental-based learning program in management education is the MBA. Originating in the USA, it has dominated the management education pedagogical concept (Carnall, 1992; Clegg and Ross-Smith, 2003; Kieser, 2004; Tiratsoo, 2004). Of course, there are a number of ways to develop managers and leaders (Conger and Benjamin, 1999; McCall, 1998). Many of these take the shape of in-company on-the-job training, which is not always transferable and universal (Stevens, 1994). Also, the MBA is a collective term there are a number of MBA types: full- versus part-time MBA; executive MBA versus conventional MBA (Alsop, 2005; Heimovics et al., 1996), US-versus European-oriented MBA; case-study versus textbook study based; face-to-face versus online MBA (Arbaugh, 2005); and lastly a pre-vocational MBA versus one taken following several years of work experience. The analysis of MBA and its value needs to appreciate the diversity in the nature of MBA programs. Some work has been done by the establishment of, rst, initial level of competence via the GMAT tests, commonly accepted by most of the established business schools (nearly 2,000 business schools GMACw, 2007), and second, accreditation bodies (most acknowledged are the AACSB and CMBA in the USA and the AMBA in the UK). These bodies help in generating a certain common ground for the level of knowledge expected from MBA studies (Segev et al., 1999).

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Studying for an MBA requires a substantial investment in terms of time, money and dedication. Typical full-time MBA programs last for two years though some takes only one year to complete. Part-time studies double this time frame. The nancial investment involved is considerable, in particular when the MBA is taken at a prestigious business school. A two-year program at Harvard Business School or Sloan School of Management would cost over $50,000 per year. Americans going overseas to attend top tier institutions will not ease the burden London Business School and INSEAD charges are similar to those of leading US universities. Tuition fees will drop signicantly when compromising the reputation of the institution or, in the USA, to opt for a local state university. State system universities cost much less, while many of them compete on an equal ground with top private schools in terms of program quality. In less-celebrated business schools, tuition fees could start with some $15,000. The augmentation of the MBA The MBA has a strong appeal. In the USA alone, there are over 120,000 graduates each year (according to the US Department of Education, as reported by Altschuler (2005). Whilst MBA graduates have traditionally sought employment with blue-chip companies, that is not necessarily the case today. Many small- and medium-size rms have joined the race for improving their managerial ranks through recruiting MBAs (McLarty, 2000). Even not-for-prot organizations, local and federal government agencies increasingly send their fast-track and general mangers to these programs (GMACw, 2006). In the USA, according to the economist, more than half of the chief executive ofcers of large companies have an MBA. The trend is world-wide. Starting in the USA at the beginning of the twentieth century, the MBA spread in the second half of that century, with new business schools emerging in the UK in the 1970s, joined by other European institutions Scandinavia (e.g. Copenhagen Business School), The Netherlands, Southern Europe (e.g. ESADE and IESE in Spain, Bologna in Italy), less in Germany, but with high-prole business schools in Switzerland (IMD, Geneva). Australia joined too, while the Far East big leap took place in the 1990s all Hong Kongs leading universities offer MBA programs, Singapore boasts some 40 MBA programs, and Japan has also joined the ranks, having their rst state-run business school at Hitotsubashi University. Eastern Europe, South America, and Africa are beginning to develop their own MBA capabilities too. As demonstrated in this, paper this augmentation stem from the value of the MBA. What can be gained for the individual? Universities and other educational institutions can confer distinct types of human capital upon their graduates. Under the human capital theory (Becker, 1964), it is possible for educational institutions to bestow three distinct types of human capital upon their graduates (Useem and Karabel, 1986): scholastic capital (the amount of knowledge acquired), social capital (personal contacts, network ties), and cultural capital (the value society places on symbols of prestige). To these, Baruch et al. (2005) have added inner value capital, and market value capital (Coleman, 1988, 1990). The ultimate aim of MBA studies is to develop better managers, and the graduates improve their human capital (Ainsworth and Morley, 1995; Baruch and Peiperl, 2000; Baruch and Leeming, 2001; Mihail and Elefterie, 2006; Montgomery and Powell, 2003; Simpson, 2000; Woolgrove, 2005). Such gains can be measured and evaluated

(Flamholtz et al., 2003; Gropper, 2007), though certain gaps remain, such as completion rates (Montgomery and Anderson, 2007). Looking at scholastic capital, being the knowledge acquired, MBA programs provide a valuable range of knowledge necessary for managers to become more effective and efcient. MBA studies provide a considerable base of advanced knowledge, skills and competencies (The MBA Guide, 2007 [1]). While some programs have unique features (special focus, e.g. e-business or nance), there is considerable common ground within the curriculum of MBA programs. Many MBA programs aim to improve and develop both explicit knowledge and tacit managerial knowledge (for example, via utilizing case studies). The ability to combine tacit as well as explicit knowledge forms a crucial path to further development at both the individual and the company levels (Nonaka, 1994). The graduate gains essential knowledge required for effective performance in managerial roles. Acquiring the wide range of managerial-related competencies induces the inner-value capital, which means that graduates gain a higher sense of self-esteem, self-efcacy, and condence (Baruch et al., 2005). Boyatzis and Renio (1989) pioneering study showed the positive impact of MBA on competencies. Self-efcacy is a well-validated antecedent of performance (Bandura, 1977, 1997) and there is strong evidence that the MBA indeed improves the self-efcacy of MBA graduates (Baruch and Peiperl, 2000; Baruch and Leeming, 2001). Graduates often improve their sense of value, professionalism and competence, all of which contribute to their ability to manage effectively (Boyatzis and Renio, 1989). The MBA is ideal for acquiring social capital, which is manifested in networking and in generating a web of personal contacts. Intra- and extra-organizational networks increase human capital contribution to organizational success (Nohria and Eccles, 1992). The cohort of a specic class, the full alumni of the university, and the overall population of MBA graduates serve as a foundation stone for MBA-related networking. Being part of the network is a great asset for individual members (Higgins, 2005). Cultural capital is apparent in the value that people within a society place on symbols of status (Tajfel, 1981). An MBA certicate, especially when gained from a top ranked business school, adds to individual prestige. Professional management, being a relatively new entrant to the list of high-status professions, gained considerable status during the twentieth century. The MBA, by serving as the most esteemed accredited certicate, helped in making the progress transparent, and was instrumental in the accelerated rise in the perceived worthiness of being a manager by profession. Lastly, the market value capital, which stems from the above four, can be manifested in the improved remuneration an MBA contributes to its graduates. A considerable number of data-bases indicate that a graduate can aspire for signicant improvement in their level of earnings (Business Week, 1996; Merritt and Chambers, 2004; Rapert et al., 2004). For example, over the course of an average career, the estimated cumulative earnings gap between executives with a graduate degree and those with an undergraduate degree is $150,000 (Judge et al., 1995). Although the USA has experienced a decline in the MBAs rate of return during recent years, and some evidence suggests that the nancial value of the MBA has been relatively reduced (MacErlean, 1993), the MBA has retained its economic value in the labor market (Connolly, 2003). This follows the basic economic rule of supply and demand, with ever rising numbers of graduates entering the market each year. Nevertheless, even when

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taking into account the full cost of studying (including loss of earning), the return on investment is still positive: data from recent years provides persistent indications that an MBA helps to improve income (Business Week, 2005), and this is not restricted to graduates of top business schools (Baruch et al., 2005). Within a wider context, the gains from the MBA degree are not restricted to the contribution to the human capital of graduates. These are also to do with professionalism, image and career prospects. In the twenty-rst century, a university degree in management starts to become a prerequisite for embarking on a managerial career. With no formal and legal professional qualications for being a manager, the MBA (or a rst degree in business/management studies) is the nearest available option for such a qualication. The above manifests the general added value of the MBA for individuals, but its worth will also be determined by the way it answers the specic needs which the graduate embarked on the program for. For some, the major aim is to improve their salary, for others it could be promotability, and yet for others it may be the enabler of career change. The measurement of the MBAs impact is not simple, even when taking nancial returns as the yardstick (Bowles et al., 2001). What are the costs for the individual? The meaning of investment. The cost of an MBA varies immensely across the various programs and business schools and could be well above $50,000 at top business schools. For state universities, the burden is signicantly lesser, but still substantial. The time required for completion is considerable the actual time invested is much higher than the classroom instruction time, as students are required to conduct assignments, read, and prepare for sessions and exams. Lastly, leaving the labor market for a year or two (full-time program), or taking the foot off the accelerator pedal for two years or more (part-time program) can have major implications. The former means signicant losses of earnings. The latter is intangible, thus not easy to evaluate. Studying part-time means that emphasis and devotion that could be placed on work and family must be shared now with study demands, thus reducing resources invested in each constituency. This will have a negative impact on career prospects, even if the MBA is considered a good cause to pursue. MBA studies can take their toll in the form of additional stress on family life as students juggle between the demands of managerial role and studentship obligations, as well as between work and family (Greenhaus and Beutell, 1985; Yang et al., 2000). Sometimes, it is possible to apply work-related experience to both purposes (for example writing assignments on real business issues). Shadowing assignments are another example of work-related experience gained as part of studies. Otherwise, the conict of interest would take its toll on the student. Why, then, would managers opt for (or against) studying for an MBA? Table I presents a sample of quotes from managers who were asked in a survey whether or not they would consider studying for an MBA, and the reasons for their inclination (author reference). The results reect the above in relation to both the gains and the costs of the MBA. What can be gained for the organization? Organizations full their aim of developing strategic goals and achieving them by utilizing their tangible and intangible assets, most notably their employees.

Responses from managersa who plan to study for Responses from managersa who do not plan to an MBA study for an MBA An MBA will help me to develop a wider perspective of the business world. . . It will improve my management skills Broaden knowledge of business I expect to get rounded business awareness Managers express expectations for: enhanced career prospects Increase job mobility, improve promotion chances within present rm Enhanced career progression (external to rm name as well as internal). External contacts; expand management potential; gain intellectual stimulus/satisfaction, or as one vividly explain the MBA will keep my brain in gear Some felt that the costs far outweigh the benets, whereas others were not encouraged by the rm focus on utilization not career development. Others did not expect much increased return in terms of rewards or recognition, as one said: Cant see the value, I do not believe it would inuence my career prospects, I am not convinced that the benet is there for so much hard work Others felt that the business experience they have makes up for not studying, some stated that an MBA is not as valuable as own experience; or as a young partner in the leading accountancy MNC said: What would I need an MBA for Last type of respondents just had no wish to study: I am fed up with studying! Cannot afford the commitment in time. I am in my forties, happily married with teenage children. I enjoy my non-work life and would not be willing to give up any more time to work-related activities; At the age of 37 I have no inclination for further study [. . .] I want to spend more time with my family

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Notes: aSample responses, based on empirical, questionnaire-based study (Baruch and Peiperl, 2000); the participants, mid-level managers in four major rms in the UK, were asked to respond to several open questions, about one-third of them had an MBA, others did not, the others were asked whether or not they intend to study for an MBA in the future, and why will they do that (or avoid it)

Table I. Managers responses

Successful organizations rely on a high quality of management, and hence on high-quality managers, that will make an impact on its performance (Bertrand and Schoar, 2003). By its very nature, the MBA aims to develop better managers for their future tasks within organizations. Organizations need to decide whether or not they wish to recruit MBA graduates, and if so, whether to buy-in managers who already acquired an MBA, or to invest in their own high potential managers, sponsoring or encouraging them to study for an MBA. Sponsorship in terms of tuition reimbursement was proven an effective motivational tool (Benson et al., 2004). Formal education as part of developmental career programs is a highly commended organizational career practice (Gutteridge et al., 1993), but its costs are high, and the risk exists that people could leave once they gain the qualication. However, while MBA graduates were found to apply more aggressive strategies when in managerial positions (Bertrand and Schoar, 2003), they are not necessarily job hoppers (Dougherty et al., 1993, compared with de Pasquale and Lange, 1971). If, indeed, MBA graduates are leaving en-mass, the rm should check whether it gave them good reasons to leave (e.g. not recognizing the added value gained by the MBA). Certain data indicate that organizations benet from recruiting MBA graduates. Kane (1993) found that the importance of an MBA in recruitment decisions is increasing. The GMACw (2005) recruiters survey identied the dividends that more

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than 50 percent of the employers expect to reap from new MBA recruits, as follows (percent of companies citing this as an expected added value): . the quality of the employees work (80 percent); . the productivity of the employee (73 percent); . the promotability of the employee (64 percent); . the leadership skills displayed by the employee (61 percent); . the retention of the employee for a specic length of time (55 percent); . the satisfaction of the employees clients and customers (54 percent); . the management skills displayed by the employee (52 percent); and . the technical skills displayed by the employee (51 percent). Organizations can utilize the MBA as a fast-track career path (so-called high-yers). Such career practices ourished in the 1980s (London and Stumpf, 1982). Even when such programs become obsolete (see below), the MBA is still a well-tested, widely used, and certied way to develop managers. Eventually, this kind of organizational support is translated to a highly committed workforce, with higher self-efcacy and performance (Cohen, 2003; Baruch and Peiperl, 2000). What are the costs for the organization? Organizations can pay or subsidize MBA fees, be exible in time allocation, and accept the sharing of commitment during the studying period. The cost of the MBA should be examined with its benets taken into account, and should not automatically deter organizations from investing in their employees, especially when they need a future managerial force. Table II manifests how HR managers see the relevance of MBA to their companies. A trend of change in the MBA as a factor in fast-track career programs has become evident since the 1990s, with growing disillusionment on both the individual and the organizational sides. Individuals have been taking control of their own career, and fewer see themselves working on a long-term base for the same organization. This is reected in contemporary career concepts such as the Protean Career (Hall, 1976, 1996; Hall and Chandler, 2005), the post-corporate career (Peiperl and Baruch, 1997), the intelligent career (Arthur et al., 1995), and the boundaryless career (DeFillipi and Arthur, 1994; Arthur and Rousseau, 1996). Organizations have been offering fewer promotional opportunities with the attened organization, downsizing and frequent restructuring, and consequently high-ying programs have become obsolete. All in all, the possible pitfalls focus on the uncertainty of the return on investment, since the gained assets are intangible and the risks are clear (albeit such risks cannot be subjected to an accurate risk assessment, Baruch, 2004, p. 282). For some organizations the benets may not be relevant and for others the advantages are unambiguous (Baruch and Peiperl, 2000). Figure 1 shows the inuence of organizational orientation. The vertical dimension examines the general orientation: some organizations are managerial oriented compared with organizations based on professional or occupational anchors, for example Hospitals (highly based on the medicine profession) or low-tech small businesses (e.g. local car garages). The horizontal dimension examine whether the major qualities needed for success in

1. Some 10-15 percent of Verizon managerial workforce has an MBA. For Verizon, an MBA is a valuable asset, and the expectation of an MBA vs non-MBA are higher, for example in having a better strategic perspective and orientation, more sophisticated knowledge and its application, and a balanced set of skills compared to that of a non-MBA or a specialist in certain business discipline. However, when considering who gain the most from an MBA, the perception is that the individual gets more upfront benets. The benets to the organization are harder to quantify and observe. In hiring for management positions, an MBA can be a tie-breaker and some demonstration of achievement, focus, skills and commitment 2. Still, when considering what has happened in the past to Verizon employees who earn an MBA, they have not done especially well for several reasons Verizon generally does not attract them (perhaps due to mature business or sales culture) 3. At EDS, with more than 1,500 MBA graduates, the contribution of MBA studies stems from the knowledge and skills associated with an MBA curriculum, which according to EDS, benets the company in all aspects of their business, but primarily in nance and accounting, strategic planning, and management development. However, since EDS has no requirement to obtain an MBA for any particular job, there is no company policy on MBAs. Still, when asked who gains the most from an MBA, the MBA graduate or EDS as their Employing organization, the answer is clearly both. Thus, in hiring for management positions, an MBA tends to generally be more of an advantage. In practice, the MBA tends to give an advantage to the MBA graduate, which propels the individual forward in his or her career. All in all, while a benet to start with, it is the knowledge and the performance that matters. MBAs from the Top schools do tend to produce very distinguished graduates, however, even from a nearby state university evening program, EDS nds good talent Note: Based on interviews with HR managers of leading US rms

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Table II. Companies view point

Managerial oriented

Homegrown In house or on the job training for managers MBA as nice-to-have Dissociated No investment in formal education No need and interest in the MBA Experience oriented

Professional or occupational focused

Endorsement Prefer general undergraduate degrees MBA as an advantage to be added Specified Functional university degrees Possible specialized MBA Educational oriented

Figure 1. Organizational orientations and the perceived need of the MBA

business stem from experience gained by employees or from the formal education system. What are the gains and costs for the wider society? To ourish in competitive global markets, nations and societies need good managers. The human factor is considered the major factor that may enable gains in competitive advantage, especially in the developed societies (Pfeffer, 1998). Nations put special emphasis on education, and the MBA is the most notable advanced qualication in the management profession, albeit subjected to critical views about its nature and content (Mintzberg, 2004; Pfeffer and Fong, 2002; Porter and McKibbin, 1998). Well-directed MBA programs can improve managerial competence in terms of innovation, exibility, and other managerial qualities needed for the contemporary business environment

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(The MBA Guide, 2007 [1]). Management as a profession is relatively new, and is still struggling to gain the recognition that other professions have already reached. In contrast with established professions such as medicine, law or accountancy, general management is still perceived by many as a role that can be performed by anyone, with little need for chartered qualications or a specic diploma in order to successfully perform the role. Increasingly, the MBA is associated with the creation of a social identity as a professional manager (Baruch and Peiperl, 2000; Friga et al., 2003; Leeming and Baruch, 1998). At the aggregate level, it is evident that the better the managers and organizational effectiveness and performance, the better the nal outcomes would be for the overall economy. The USAs status as the leading economy is much attributed to its high-managerial competence (Pfeffer, 1998). National competitiveness would follow an appropriate investment in human assets. Investment in a large number of managers is essential for developing a prosperous economy. Indeed, governments being a large employer can benet from employing MBA graduates in their managerial ranks. At the other extreme of the organizational size scale, one can nd start-ups and new ventures. These small businesses are the largest source of new jobs and many of them will grow to become the futures large organizations (Kuratko and Hodgetts, 2004, p. 6). Therefore, the success of MBA graduates as entrepreneurs (Bygrave, 1994) should be another incentive for nations to promote MBA studies. Another issue for consideration is that the quality of MBA programs is strongly correlated with the quality of research. Trieschmann et al. (2000) found a high correlation of 0.57 between these two constructs in leading US universities. Although causality has not been established, these results highlight the possible relevance of MBA programs to the quality of academic research. In addition to the above, the MBA can be a signicant factor in reducing various forms of discrimination. This has been attributed to the MBA serving as a professional qualication. A manager with an MBA is perceived more as a professional manager, and less as a woman or a person of ethnic minority. Thus, the professionalization of management also contributes to tackle discrimination (Baruch and Leeming, 2001; Montgomery and Powell, 2003; Simpson, 2000; Simpson et al., 2005). Discussion and conclusions There is a clear need to discuss and examine the role and effectiveness of the MBA degree. Although subjected to much recent criticism from within the system (Mintzberg, 2004; Pfeffer and Fong, 2002), the MBA is still the agship of management education (Carnall, 1992). In this paper, I have presented a comprehensive analysis of the value of the MBA at three levels the individual, the organization, and the wider society as well as pointing out the benets as well as possible pitfalls of the MBA for each constituency. There is clear evidence that gaining an MBA improves human capital, which encompasses scholastic capital, social capital, and cultural capital (Boyatzis and Renio, 1989; Richards-Wilson and Galloway, 2006; Useem and Karabel, 1986), inner value capital, and market value capital (Baruch et al., 2005). The quality of the school attended, in terms of research, teaching, resources, and reputation (to name but the most prominent factors) would inuence the added value gained for its graduates. The quality of the university from which graduates earned an MBA is

expected to contribute to their future career success, be it internal or external (Ng et al., 2005). Implications for individuals The MBA as an advanced academic degree in management is instrumental in facilitating individuals moving to managerial ranks, accelerating promotional prospects for those already in management, and embarking on a new career move, either internal or external to the present employer. In the future, having either a rst or a master degree in management may become a necessary pre-requisite for entering the managerial ranks. Acquiring an MBA increases employability and looks good on the CV of those looking for a managerial career (Kane, 1993). If, however, the MBA is gained early in life, this may make graduates overqualied for low-level positions, which can sometimes be a necessary stage for career progress. Focusing on inner development, the MBA has been found to be an exceptionally positive learning exercise, comprising several aspects such as intellectual stimuli and knowledge gains (Ainsworth and Morley, 1995; Baruch and Peiperl, 2000; Dougherty et al., 1993; Woolgrove, 2005). MBA graduates gain higher levels of self-esteem and self-efcacy in handling managerial processes. This is expected to lead on to better job performance, since having an MBA enhances self-condence, self-esteem and self-efcacy, all are proven antecedents of both performance and career success (Bandura, 1977, 1997; Gist and Mitchell, 1992; Branden, 1998). A further benet of MBA studies, especially when undertaken at a reputable institution, is the prospect of creating and maintaining a valuable networking (Higgins, 2005). It should be noted, though, that some of the criticism of the MBA (Pfeffer and Fong, 2002; Porter and McKibbin, 1998) is fair, as it relates to the pedagogical approach of how to best prepare managers for their future roles (Mintzberg, 2004). However, Pfeffer and Fong criticized the general added value of the MBA without providing strong evidence for such claim. The question is do the benets outweigh the costs in other words, is the MBA worth it? As indicated, for many the MBA is indeed a good, useful path, and the benets spread from the individual to the organizational and national levels. However, the MBA is not necessarily the answer for all. Who will not be likely to benet from an MBA? For several occupational sectors, the MBA would probably not provide a signicant added value. Certain people are quite happy and content with their professional roles, be they technicians, drivers, researchers, nurses, engineers, and the like (Assouline and Meir, 1987). For these, the MBA will not be appealing and might even be considered a waste of time and effort. At the other end of the scale, there are the top executives, who are already at the highest echelons. Studying for an MBA will not enrich their managerial experience in the way it will do for younger and junior/mid-level managers (Hunt and Baruch, 2003). The investment required for the MBA studies may well fail to ensure them a worthwhile return on investment, as they will lose time and reduce job commitment, which is essential at top positions. They may still benet from Executive MBA special programs, set for and directed at the needs of top business executives, enabling them to share views and ideas with their counterparts at similar top level positions in other organizations.

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Professionals in specic sectors form another group for whom the MBA would not produce a signicant added value: for medical doctors, lawyers, even accountants, the benets of gaining an MBA are questionable. HR/nance/marketing managers may opt to embark on second degree studies (MA or MSc) in HR/nance/marketing management rather than the more generalist MBA, gaining similar positive outcomes (Baruch et al., 2005). A new growing share of managerial ranks who would not benet individually in terms of knowledge gain are those who have studied business administration for their rst degree (Ainsworth and Morley, 1995; Baruch et al., 2005). For them, the scholastic capital gain will be marginal, because after in-depth studying of managerial theories and practice for three years, they will be better acquainted with the material taught than a typical MBA student. They may join simply for refreshing their memory and the other human capital benets of networking and learning experience. Business schools will have to develop special programs to t the needs of management graduates. Indeed, business school should bear in mind the different needs of different populations and adjust to market requirements. In the 1960s, Townsend (1970) predicted the demise of business schools within 20 years. He failed to realize the actual need and the added value that management education provides for individuals, organizations, and societies. With the right sensitivity to the needs of the stakeholders (graduates, employers, and the wider society), I believe that the MBA will maintain its role and positive reputation, despite the above-mentioned criticism. Realistic expectations. Although the advantages of the MBA are plausible, they may not live up to their reputation, especially in terms of return on investment. The MBA seems to substantially increase managerial competencies and enhance self-esteem of graduates. However, unless the degree is taken in top (and expensive) business schools, graduates should not expect direct or immediate nancial compensation, or even recovery of investment in the studies. As discussed earlier, it was typically found that graduates earned more than their counterparts, but when the investment involved is entered into the equation, many programs do not provide the proof of the pudding. Nevertheless, the MBA does in the whole improve employability, i.e. the ability to get a job. Once the graduate is engaged in the job, the direction and pace of advancement is more up to the person (albeit the MBA may add hallo effect to support graduate promotability). Implications for employers Based on the argument and the evidence provided in this paper, employing a manager with an MBA qualication can serve organizations well. When considering investment in employees with managerial potential, it should be borne in mind that while the MBA may provide a proper incentive and good investment, the graduates will expect an appropriate recognition (and remuneration). Sponsoring people in their studies for an MBA sends around a clear message that the company invests in its people. This is not an altruistic measure, though, since the outcomes of the MBA mean getting the best out of the people and improving managers professionalism. This is true, even bearing in mind that some will opt to work elsewhere by the end of their studies (Benson et al., 2004). In contrast to commonly held beliefs, MBAs do not necessarily make employees job-hoppers. However, once the graduates work as managers, they need

recognition and appreciation for their qualities and if this is not provided, graduates may look elsewhere for jobs, which they may have previously wished for but could not have realistically (i.e. if before they would wish to leave but knew they cannot get a better job elsewhere, and now they may have the impression that they can). Even if this is the wrong impression, it will still result in the same outcome, that of departure. The MBA can serve as a motivator too: one career practice directed from both HR and operational needs perspectives is career counseling. As part of the counseling, the potential future executive may be advised to consider the MBA as a route forward. Organizational awards for best manager of the year in the shape of a sponsored MBA studies can be proven to be a great motivator. All in all, the empirical evidence referenced above strongly suggests that the MBA has a positive impact. MBA graduates are in general better managers, and their employers benet from their competencies (albeit having to pay adequately). Figure 2 shows the level of relevance and usefulness for both executives and corporations. It follows Barney and Lawrence (2007) depiction of strategic career decision making, where enrolling on an MBA may be taken as a Type III career investments, which include investments that: . are likely to possess perceived value; and . that few managers make. In some rms, and for many individuals, MBAs from prestigious business schools may be an example of this type of investment. Coupling the individual and organizational perspectives, the four quadrants reect the possible variance in expected benets for both: . Neither the organization nor the employee perceives the MBA as the route for success and managerial development. It may be a specic sector (e.g. medicine), or profession (e.g. HR management) where specialized programs exist and may offer better t for job requirements. It may also be a case of a low-level skills industry, or small operations, where eminent competencies seem to be less relevant for the majority of jobs. Thus, for example, the 7-11 both in university job fairs will not have specic interest in MBA graduates for roles such as branch managers.

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High benefits for the Company

The MBA will would provide no apparent benefits for individuals 3 No benefits no interest 1 Low benefits for the Individual

The MBA creates high added value for both individuals and organizations 4 High benefits for the individual, less for the company 2 High benefits for the Individual

Low benefits for the Company

Figure 2. The four quadrants benefactors

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The individual gains, but not the employer. In many cases, the MBA impact is not recognized, sometimes employers are not even aware of the full set of skills of their employees. In a study conducted by the author, the HRM department agreed to provide the names of all their managers with an MBA degree. Later, it was found that the sample of apparently non-MBA managers included several MBA graduates, i.e. HRM was not aware of this. Not being recognized is a principal reason for MBA graduates leaving the organization. This way the organization loses and the myth of MBA graduates as job hoppers is reinforced. Cases in this quadrant may also be if the MBA is not considered relevant, e.g. old-style management in conventional activity sectors. The organization benets from MBA graduates, but the graduates cannot realize such value. It can happen, for example, when all or most of the managers already have the qualication. In fact, it seems that soon the MBA or at least a BA in Business Studies will become the norm in some sectors. Another case for this can be when an equivalent qualication is available such as the case of an accountancy degree in leading accountancy rms. This quadrant represents the classic win-win situation. MBAs produce a positive impact, the organization reaps the benets of the contributions and recognizes the impact. Many large companies such as those represented in the Fortune 500 list fall into this category.

Implications for the wider society It is now widely recognized that management is a profession, albeit Abbott (1988) claim that it lacks capabilities that characterise other professions, such as keeping non-qualiers from tending managerial role. It is also recognized that both Business Management studies at the undergraduates level and the MBA at post-graduate level are credible qualications. Moreover, improving managerial cadre is likely to result in long-term improvement in organizational effectiveness and subsequently an improved economy. The need for managers is increasing. Organizations that wish to improve their managerial talent can opt to invest in sending high-potential employees to study for MBAs. Tuition reimbursement is a clear sign that companies do invest in their people to gain a competitive advantage (Benson et al., 2004; Cappelli, 2004). Another important input is the strong evidence that the MBA helps to reduce gender discrimination (Burke and Vinnicombe, 2005; Graddy and Pistaferri, 2000; Leeming and Baruch, 1998; Montgomery and Powell, 2003; Schneer and Reitman, 1994; Simpson et al., 2005). At present, business schools do not provide numbers needed to sustain the stream of MBAs even to replace leavers (some 40 million of the 136 million USA workforce are managers and professionals, so MBAs can be viewed as the source for preparing the numbers needed to replace those retiring or those embarking on different career paths). Though not all sectors rely on MBAs, the advantages justify an increase in the number and variety of programs. It has long been recognized that with better managers, organizations performance will improve, and the combined effect of this will be reected in national competitiveness in the long term (Pierson, 1959). I argue that governments should nourish a nation-wide system of management education for the benet of future generations. However, leading business schools form a league of their own and mostly

do not need governmental support. Herein lies the dilemma for governments: practically, governments would prot from employing MBA graduates in their operation. On the other hand, it is the role of governments to encourage entrepreneurship, and many MBA programs have special interests in developing successful entrepreneurs. Academically, high-quality MBA programs will reect the quality of academic research, another issue of national interest. Final note About 15 years after Lataif et al. (1992) posed their apparently rhetoric question MBA is the traditional model doomed? the MBA is still ourishing and generating value for individuals, organizations and society. The decision of whether to opt for an MBA and whether to sponsor an MBA should stay with each individual and organization, respectively, and be subject to the question do the benets outweigh the costs and risks? I agree with Grey (2004) that [. . .] business schools need to do some very hard thinking about the future, if there is to be a future. The answer, though, need not to be the scrapping of the MBA model (as argued by Townsend, 1970). The analysis in this paper has presented the potential usefulness and contribution of the MBA studies. The future direction for the MBA should be based on both the stability and overall recognition it gained so far, coupled with the constant need for renewal.
Note 1. The MBA Guide (2007).

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Yang, N., Chen, C., Choi, J. and Zou, Y. (2000), Sources of work-family conict: a Sino-US comparison of the effects of work and family demands, Academy of Management Journal, Vol. 43 No. 1, pp. 113-23. About the author Yehuda Baruch is a Professor of Management at UEA, Norwich, UK, formerly held visiting positions at the University of Texas at Arlington, University of Canterbury, New Zealand, and London Business School. He published extensively in the areas of global and strategic HRM, careers, and technology management, including 90 refereed papers, in journals including Human Resource Management, Organizational Dynamics, Journal of Vocational Behavior, Human Relations, and Organization Studies and over 25 books and book chapters, including Managing Career: Theory and Practice and co-edited Winning Reviews: A Guide for Evaluating Scholarly Writing and Opening the Black Box of Editorship. He is Editor of Group and Organization Management and former Chair, Careers Division, of the Academy of Management. Yehuda Baruch can be contacted at: y.baruch@uea.ac.uk

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