A New MBA Program That’s “Outside the Box”
For half a century, Master of Business Administration (MBA) programs have been a growth industry in the U.S. In 1955-56, only 3,200 MBA degrees were awarded. But in the 1960s, the numbers started to climb; in 1998, more than 102,000 MBA degrees were awarded. MBA programs have sprouted up in colleges and universities great and small as administrators sought to cash in on the increasingly prevalent idea that MBA studies were very useful if not essential for success in many business fields.
The trouble is that in trying to cater to a mass market, many programs offer an education that is of little practical value. In a September 2002 article in the Academy of Management Learning & Education, authors Jeffrey Pfeffer and Christina Fong observe that “possessing an MBA neither guarantees business success nor prevents business failure” and point out that the nation’s top business consulting firms often hire people who have degrees other than an MBA. They quote a Stanford MBA who regards the curriculum as “irrelevant” and believes that students get “a pedigree rather than learning.”