MBA choice or necessity?
...10% of adults have earned a graduate or professional degree, compared to just 7% ten years ago. That statistic is indicative of the competition levels that are in the work place today and one’s need to increase their marketability. There was a time when companies developed there managers through in-house training and advancement programs, while still done to some extent today the majority of companies look for advanced degrees in addition to relevant work experience. On the job training is becoming a thing of the past, Andrew Chan (2002) states “Managers . . . . Promoted through ranks and file often try to learn on the job through trial and error. But even if they are smart and have good connections, they do not necessarily know how to manage a company. Learning management through one’s mistakes is a slow and circuitous path, wasting time and effort.” Mr. Chan’s contention is that an employee, no matter how bright, will not magically learn to lead a company without the tools necessary for success, a manager may be able to head up a department successfully but not necessarily run an entire corporation. Techniques learned through an MBA program can enhance ones ability to communicate, strategize and network thereby increasing their overall effectiveness and ultimately their leadership skills. Another reason many people return to school to pursue a graduate degree is for financial advancement. Terry Hartle (2001) states “There is a strong positive correlation between education and income. The more you learn determines, on average, how much you earn. The public understands this and they are rushing to increase their human capital.” There is a significant gap between the amounts of money a high school graduate can expect to make versus a college graduate, that gap widens again with a professional degree. With rising costs of real estate, college education, and luxury items many people are looking for ways to provide a comfortable life for them and their families. Literature from colleges and univer...