Here's a bit of personal disclosure. I did a business degree (marketing major) from a mediocre institution. Immediately after graduation, I started a company. It failed miserably, but I learned significantly more about business killing a company over the course of a year than I learned studying business in a university. My business degree armed me with a dubious credential, a less dubious 'network', and ummm, let me check with a recruiter and get back to you...:)
At first, I thought, "I went to a pretty crappy university, of course I didn't learn much." But, through conversations with friends (some of whom went to 'elite' business schools), I came to realize that business schools in general are pretty crappy.
Perhaps this scholastic incubator is the future of business school? If so, it is a welcome development!
I went to one of those elite programs at an Ivy League school. The advantage you get isn't the education (from my experience and observation). It's being around other enthusiastic (non slacker) high achievers who worked hard to get there and want to be there. And connections and all the things others talk about.
Knowing that you went to the top ranked program not opens many doors (bankers were impressed when I had to borrow money) but also gives you the confidence that extends well beyond education.
In a way it's similar to driving up to high school being the quarterback and driving a fancy new car (was not me but I can only imagine). You feel good about yourself (in your own mind) and that confidence affects others as well.
As far as learning about business and how to run one? I didn't learn that from the business program. I learned that working during high school and college and from having a family business and other companies that I worked for.
Speaking as somebody that graduated from a lower-ranked school, I completely agree.
I learned a ton from my last failed startup. So much, in fact, that it took a six-month vacation afterwards to really digest the experience, and I don't think that I'm boasting when I say that one failed startup, one where you pour everything into it, is equivalent or better to an MBA.
What I didn't get, and I had to work for, was the credential.
The only people that recognize one of my schools (Waseda) as being anything special are all in either Japan or China.
So when I go to meet a client or a banker, I don't have the credential card in my hand, and have to rely on my network, history, and general ability to get along with pretty much everybody.
While these have gotten me along pretty well, I do regret making the naïve assumption that schools were about education, rather than about the people you meet.
Here's a bit of personal disclosure. I did a business degree (marketing major) from a mediocre institution. Immediately after graduation, I started a company. It failed miserably, but I learned significantly more about business killing a company over the course of a year than I learned studying business in a university. My business degree armed me with a dubious credential, a less dubious 'network', and ummm, let me check with a recruiter and get back to you...:)
At first, I thought, "I went to a pretty crappy university, of course I didn't learn much." But, through conversations with friends (some of whom went to 'elite' business schools), I came to realize that business schools in general are pretty crappy.
Perhaps this scholastic incubator is the future of business school? If so, it is a welcome development!