As hard as it is for me to believe, I am finally a senior in college. As a senior, I stand excitedly on the brink of that which all students, kindergarten to college, dream of. Having a real job?...eh, Self sufficiency?...nah, Being a contributing member of society?...I'm still not sure what that means. We are talking of course about the big one here...NO HOMEWORK!!!
Since childhood we have dreamt of a homeworkless future. What will we do with such boundless free time? Travel the world? Learn a new language? Watch ALL THE POWER RANGERS WE WANT!? The possibilities seem endless. I hate to be the bearer of bad news but as it turns out there is a such thing as extra school, and everyone is doing it.
The recent financial downturn has prompted a frenzy for graduate degrees. For recent grads looking at one of the toughest job markets in decades, graduate school is a great way to get an edge over the competition while waiting for the market to improve. An MBA is an effective way for candidates to distinguish themselves from the field but as more and more young professionals catch graduate fever what is the result?
Graduate students are traditionally professionals who already have a few years experience in their respective fields. In the past the number of degrees available was limited and degrees were looked upon as prestigious marks of professional excellence. The problem now is we are seeing a dramatic increase in the percentage of MBA applicants going for it right out of college but top 40 schools aren't going to just open more spots. The increase in demand for MBAs amongst college graduates has lead them to consider programs outside the traditional top 40 bracket. Although these programs may be less recognized than the top 40, they still allow students to earn those MBAs they desire for a competitive edge. Students not making the cut for top 40 programs face the dilemma of pursuing a less prestigious program or trying to cut it in the job market for a few years. My question is how much of an advantage do these less recognized MBAs give students?
More graduate students now means a few years down the road there are going to be a lot more professionals with Graduate Degrees. As a soon to be college graduate looking at both the job market and graduate programs, my main concern is what does this increase in MBAs do for their own value? Many say this increase is making graduate degrees the professional standard of the future. The question I pose to the business students of my generation is this: By flooding the future job market with MBAs are we setting a new educational standard or devaluing our own educations?
In the future it is unlikely that an MBA will mean what it does today. Top 40 programs may still hold the prestige of selectivity but what of the rest of us? The distinction of the MBA is that it thins the herd and guarantees employers with a purchase of top shelf talent. As a larger percentage of applicants have MBAs, that guarantee of top tier quality decreases and thus so does the value of a non top 40 MBA.
India has also seen a dramatic increase in the amount of graduate programs and graduate students in the job market. As a result the All India Management Association has created an exam that will "determine whether business school graduates in India are qualified for jobs." Could we be on our way to a bar exam equivalent in the business world?
Are we making MBAs an absolute must or just a blip on our resumes?
