The Economist challenges the conventional wisdom on the usefulness of an MBA education (from Philip Delves Broughton)

Business schools have long sold the promise that, like an F1 driver zipping into the pits for fresh tyres, it just takes a short hiatus on an MBA programme and you will come roaring back into the career race primed to win. After all, it signals to companies that you were good enough to be accepted by a decent business school (so must be good enough for them); it plugs you into a network of fellow MBAs; and, to a much lesser extent, there’s the actual classroom education. Why not just pay the bill, sign here and reap the rewards?

The problem is that these days it doesn’t work like that. Rather, more and more students are finding the promise of business schools to be hollow. The return on investment on an MBA has gone the way of Greek public debt. If you have a decent job in your mid- to late- 20s, unless you have the backing of a corporate sponsor, leaving it to get an MBA is a higher risk than ever. If you are getting good business experience already, the best strategy is to keep on getting it, thereby making yourself ever more useful rather than groping for the evanescent brass rings of business school.

Business schools argue that a recession is the best time to invest in oneself. What they won’t say is that they also need your money. There are business academics right now panting for your cheque. They need it to pad their sinecures and fund their threadbare research. There is surely no more oxymoronic profession than the tenured business-school professor, and yet these job-squatting apostles of the free market are rife and desperate. Potential students should take note: if taking a professional risk were as marvellous as they say, why do these role models so assiduously avoid it?

Harvard Business School recently chose a new dean, Nitin Nohria, an expert in ethics and leadership. He was asked by Bloomberg Businessweek if he had watched the Congressional hearings on Goldman Sachs. He replied: “The events in the financial sector are something that we have watched closely at Harvard Business School. We teach by the case method, and one of the things we’ll do through this experience is study these cases deeply as information is revealed over time so we can understand what happened at all these financial firms. I’m sure that at some point we’ll write cases about Goldman Sachs because that’s how we learn.� He could have stood up for Goldman or criticised it. Instead he punted on one of the singular business issues of our time. It is indicative of the cringing attitude of business schools before the business world they purport to study.

When you look at today’s most evolved business organisms, it is obvious that an MBA is not required for business success. Apple, which recently usurped Microsoft as the world’s largest technology firm (by market capitalisation), has hardly any MBAs among its top ranks. Most of the world’s top hedge funds prefer seasoned traders, engineers and mathematicians, people with insight and programming skills, to MBAs brandishing spreadsheets, the latest two-by-twos and the guilt induced by some watery ethics course.

In the BRIC economies, one sees fortunes being made in the robust manner of the 19th-century American robber barons, with scarcely a nod to the niceties of MBA programmes. The cute stratagems and frameworks taught at business schools become quickly redundant in the hurly-burly of economic change. I’ve often wondered what Li Ka-Shing of Hong Kong or Stanely Ho of Macao, or Rupert Murdoch, for that matter, would make of an MBA programme. They would probably see it for what it is: a business opportunity. And as such, they would focus on the value of investing in it.

They would look at the high cost, and note the tables which show that financial rewards are not evenly distributed among MBAs but tilt heavily to those from the very top programmes who tend to go into finance and consulting. Successful entrepreneurs are as rare among MBAs as they are in the general population. They would think to themselves that business is fundamentally about two things, innovating and selling, and that most MBA programmes teach neither. They might wonder about the realities of the MBA network. There is no point acquiring a global network of randomly assembled business students if you just want to work in your home town. Also, they will recall that the most effective way to build a network is not to go to school, but to be successful. That way you will have all the MBA friends you could ever want.

They might even meet a few business academics and wonder. Then they would take their application and do with it what most potential applicants should: toss it away.

MBA admissions committees seem difficult to read. Applicants agonize over their essays and dread their interviews, all the while wondering what the committee wants to hear. At Veritas Prep headquarters, we regularly receive calls and emails with questions such as:

“I’m a sophomore in college; what classes should I take in my junior year to impress MBA admissions committees?�

“I’m planning to apply in round one, but would it be better to delay to round two so that I can use the next three months to add some community service to my resume?�

“I’m an older-than-average applicant because I spent four years doing ______________; what should I tell the adcomm about why I’m applying so late?�

With the possible exception of Hollywood singles bars, twentysomething young professionals worry about concocting impressive backstories more in the realm of MBA admissions than anywhere on earth. But at least the actors in Hollywood have an excuse; they play make-believe for a living. As an MBA applicant, it’s much easier than it appears to tell the MBA admissions committee what it wants to hear.

What do MBA admissions committees want to hear?

What may seem like incredible cliche ends up more than often being pure truth – the end result of the MBA admissions process should be that you have a much stronger sense of what you want to do with an MBA. And while this provides incredible value to an admissions committee in filling out a class of students who will thrive in that program, add value to one another’s experiences, and fully value the process, it may well provide even more practical utility to you. While your primary goal is “to get in�, think about this – business school is quite likely a six-figure and two-year investment for you, yet many prospective applicants spend more time shopping for a laptop or for new jeans than they do selecting their target schools. By forcing you to honestly assess what type of classroom environment you seek, what kind of curriculum you’d like to pursue, and how an MBA education will help you to transition your current skills, abilities, and interests to a fulfilling career, schools are doing you a favor. If you’re struggling to justify why you’d like to attend that school or how that program will help you to pursue your goals, it may not be the wisest investment of your time and money to do so. And as you are forced to question yourself – your goals, your background, and what you want out of the MBA experience – you’re much more likely to fully take advantage of the opportunities that await you once you are admitted; the MBA admissions process provides you with an itinerary of what you want to do once you do finally reach campus.

All told, this process suggests what your parents have told you all along: honesty is the best policy. As any CEO, politician, or admissions consultant can tell you, there are certainly ways to best position the truth for public consumption, but more importantly business school admissions committees want to know the truth. Business schools make decisions based not only on achievement but also on potential. After all, most applicants have fewer than 10 years of work experience, and those who have already ascended into the stratosphere have little incentive to spend two years learning how to get there. One (unintentionally) well-kept secret of MBA admissions is that “being qualified� is only part of the process, and is often overvalued by applicants. Having a compelling career vision and a thorough understanding of how an MBA – and that particular MBA program – will help you achieve it is a crucial and often-overlooked part of the process.

What do MBA admissions officers want to hear? They want to know that you’ve taken time to assess your strengths and weaknesses, the opportunities that await you, and the role that their MBA program would take in your career should you attend. To give the admissions officers what they want, you first need to be honest with yourself about what you want. The truth shall set you free.

Researching business schools is akin to trying to find oneself. Reflecting on what one wants to get out of a degree and the type of business school experience desired is key. Admissions directors say it’s not too different from gazing into a crystal ball.

“Think about how the degree will advance your career, the job you’d like to have, and your lifestyle. Then consider your preferences of location, personality of the school, the kind of alumni it produces.”

After some introspection, an applicant can start talking to others. Informational interviews with those who have the jobs you’re seeking is a great way to confirm choices and find out about schools that specialize in those areas, says Edwards.

“Really explore your career goals,” she says. “It will help you in the application process, but also down the road in the job search.”

Job Placement Info

One mistake many applicants make is failing to look at the list of recruiters and job placement statistics of particular schools before applying. Then, when they enroll in the business school, they are disappointed by the job opportunities presented to them, says Scott Shrum, director of MBA admissions research at Veritas Prep, a Malibu (Calif.)-based provider of GMAT test prep and admissions consulting services. This is particularly hard on international applicants, who attend U.S. business schools in the hopes that the MBA program will help them land a job stateside and are disappointed when they wind up back home.

To get a handle on recruiting and job placement, applicants can consult the detailed information on many schools available at sites like MBA.com or the schools’ profiles on Businessweek.com, where a comparator tool allows applicants to compare placement stats, and even top recruiters, at various schools.Many schools also post placement data online, including Harvard Business School, but not everyone is as forthcoming.

Questions for Alumni

Another great source of information about prospective MBA programs is the program’s alumni. Most schools will connect applicants with alumni in their chosen fields, but there are other sources, including LinkedIn and similar social networks, that allow for sophisticated searches by industry, company, even job title.

When talking with MBA alumni, applicants should ask them about the recruiters they met on campus and how the school helped with the job search. These initial encounters with respected professionals will help applicants develop a network and could lead them to potential recommenders, says Sara E. Neher, assistant dean for MBA admissions at the University of Virginia Darden School of Business.

Once applicants have spoken with alumni and have a clearer sense of what they’d like their post-MBA life to look like, they should head to the Internet. Distinguishing between legitimate sources and garbage is more difficult than it seems, if for no other reason than the sheer amount of content.

Brand names are usually a safe bet. For example, organizations such as the National Society of Hispanic MBAs, the Graduate Management Admission Council, which administers the GMAT, internationally recognized publications, and the business schools themselves have built up their expertise and reputation.

Opinions on the Web

“Admissions officers are a great source of information for the admissions process, but not necessarily for the experience of the school,” says Shrum. “They’ll give you O.K. answers, but students and recent alumni are better for those questions.”

Still, students and alumni are sometimes trained by the school on what to say or write, says Neher. That is why, she says, it is best to ask sources if the business school is limiting what they share with prospective students in any way. It doesn’t hurt to ask pointed questions designed to elicit a negative answer—such as “What’s the biggest problem with the career services department?”—and to pursue alumni contacts who may be off the school’s radar and willing to offer another perspective, such as an unemployed graduate.

B-School Rankings

One of the biggest and most influential sources of business school information are the various business school rankings, such as those published by the Financial Times, The Economist, and Bloomberg Businessweek’s Best Business Schools. Although most admissions experts agree that the rankings are a good starting point, they want applicants to keep these lists in perspective.

Wise applicants, says DelMonico, use the rankings as one tool to get them started in making a broad list of attractive business schools and to determine what their chances are at each. As they continue their research, they should use the funnel approach to whittle down their list until they have the four to six programs to which they will apply. What applicants never want to do is limit their options or be close-minded to all the possibilities. Considering a wider set of schools, at least to start, is the best way to find the right business school.

Firsthand Experiences

Face-to-face meetings and school-sponsored events can help applicants better understand the nuances of each program. Most business schools host events in various regions and provide online videos and photos. These are suitable ways to bolster your business school research to make informed decisions about admissions, says Neher.

A campus visit allows for more opportunities to talk with students and administrators, to get a firsthand look at what everyday life would be, and to sit in on a class.Even though no school requires a visit, Shrum says admissions committees are impressed when applicants make the extra effort and incorporate in their application essays and interview answers specifics about the school’s culture or offerings that they gleaned from a visit.

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