I recommend those interested in high end business schools read this article about Wharton MBAs in Reuters. It is an interesting analysis of two key problems facing business schools and their graduates.
The first problem is many of the banks, financial houses and major corporations had CEOs and senior advisors who were graduates of some of the most elite business schools in the country. Yet having degrees from the exclusive programs at Harvard, Yale, Wharton and others did NOT stop the melt-down, bank failures, etc. As a matter of fact, many insiders are saying the pride and hubris of these elite graduates would not let them consider there could be downsides to their actions!
This "failure to plan for failure" has led schools like Wharton to rethink the curriculum being taught. Many of the major companies had used the programs and skills they learned in Biz schools to justify their flawed thinking. So schools are now looking at planning for downside assumptions and using the melt-down as a "teachable moment". As an engineer, I was taught to ALWAYS plan for failure. Makes me wonder if maybe tech geeks would make better managers to help lead us out of this crisis!
This leads to the second problem which is the lack of jobs for graduates. The article presents the obvious reason which is the traditional employers are gone or in serious contraction. But what was unsaid is many employers do not want to hire students whose predecessors have not done such a good job!
I don't think graduating from a name brand MBA program will become a "Scarlett Letter" that keeps graduates out of good jobs. But many companies are not giving graduates a "free pass" just because they came from an elite school. I see more and more companies looking for "dirty hands" and experience in making things work and grow. I am recommending more internships, MLM/network marketing businesses, and/or running a business from a "dorm" to my students!
Comments and experiences from recent graduates are welcome!
