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(Updated Tuesday, Apr 1, 2008, 05:48:29 PM to reflect the 100 most recent valid responses.)

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WHAT YOU SAY

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"It is not the Investment Banker who makes the most money, it is the one who owns shares in the companies the investment bankers serve."

Actually not true in the overall picture. Sure, the founders who own shares in home run companies make money, but the majority of startups and even companies who are taken public, especially those during 98'-00', end up trading much lower or go bankrupt. Some companies don't even go public at all, and if you do, the 6-month lock up period usually brings back to reality any hopes of instant millions.

So the idea of the rich entrepreneur with that magical MBA is the exception, not the rule.

Meanwhile, bankers take 7% for equity deals and 2 1/2% for debt deals, and they keep taking it from company to company. Oh yeah, banks also peddle advice to get retail investors to buy/pump/support/inflate the stock, all the while charging commission. Next to VC, i-banking is the best gig as far as making money. You get one shot as an entrepreneur to make it big...bankers just keep on rolling.

Of course, the banking life is short lived and you can get canned any moment. However, the money is good and with a JD or PhD, you can always move on to something else. It's harder for the MBA's to move out of the financial world.
Annapolis-Harvard Law Grad Wednesday, June 19, 2002 at 19:28:11 (PDT)

MBA experience? Please. You make it sound as if it's a rigorous challenge like writing your PhD dissertation or something.

2 years of networking with classes sprinkled in between. Oh yeah, then there's that quant aspect that MBA's love to tout. Of course, MBA math is hardly any more complicated than first year math in some engineering discipline.
MBA Overrated... Wednesday, June 19, 2002 at 19:22:44 (PDT)

Annapolis-Harvard Law Grad,

"try hearing the numbers from state schools like Haas or Anderson. The numbers are even worse."

That is more reflective of the overall USA economy, than the usefullness of an MBA degree.

I think you are mixing up formal training with unemployment figures.

What about in the 80's and 90's when our military was downsized and a lot of career servicemen were kick out. Is this the reason why no American should enter the military, due to lack of job security.

Even MD, JD, and PhD are not independent of the overall economony and unemployment rates. Grants/funds disappear, insurance company squeezes practices, and hiring freezes at law offices will also effect people holding those particular skill sets.
AC Dropout Wednesday, June 19, 2002 at 16:10:37 (PDT)

I am going for my MBA but i have already taught myself a mini MBA course. Basically its what a business major is all about. Same material. It does not enhance your money making capabilities much fundamentally, however if using the infrastructure of another company it will. It teaches you how to analyze the prospects of a business plan.

Its helpful for non-business majors to get an overview of the business world. Thats about it.
SOG Wednesday, June 19, 2002 at 12:43:05 (PDT)

Annapolis-Harvard Law Grad,

What are you talking about. None of the Big 4 or 5 gives anyone credit for an advance degree. It is based on work experience within the Big 4 and 5 or other consulting firms. If a JD, PhD, or MBA walks off the streets with no experience in the field, they will start at square 1, maybe a subjective promise of 6 months credit. But very unlikely. I have the unfortunate experience of having to manage the expectation of these types of people in my past life.

Hello, those associates had past experience with investing banking firms. Very rarely do you find a dermatogist, a real estate lawyer, or a professor of anthropology in an investment bank. The only large scale migration into banking I know of was in the late 80's and early 90's when physics R&D was shrinking and PhD applied their advance math skills in the derivative market for the banks. And even then they were years behind their contemporaries who decided to make a career in banking long ago.

Employers employ MBA to do very specific jobs. MBA degree holding people are not all entreprenuers. If they were, many would have realise long before, that the MBA was not necessary. The top MBA schools in the world require some pretty descent work experience before they admit people. If one wishes to climb the corporate ladder outside consulting, you will need an MBA.

I beg to differ, but you are confusing the concept of employee and employer. Employers are looking for a very specific skill sets in people to get a job/project done. Employees must compete for the Employers attention (with brand name degrees, specialized training, certification, etc.) to get hired.

Life is short. Make sure those advance degrees apply to your future career. Or you'll have wasted your time and money.
AC Dropout Wednesday, June 19, 2002 at 12:09:23 (PDT)

For those people who are saying MBA are worthless, how many of you have a MBA? It is not fair to evaluate the value MBA unless you been through the experience.

1/2LostSoul Wednesday, June 19, 2002 at 11:15:55 (PDT)

Ac Dropout & SOG:

Both of you have no clue.

Employers recruit MBA's because that's what they were programmed to do. However, the trend is away from MBAs now into other disciplines. Case in point...most VC firms look for people who have started businesses or who have been in their fields for a while, and they rarely hire fresh MBA's from b-school, unless said MBA started a business or something before b-school. In which case, it's not the MBA, but the person holding the MBA.

The bankers you know that are told to get MBAs after two years are called analysts. In case no one clued you in, you start off as an analyst in banking if you only hold a BA/BS or some masters. If you hold a MBA, JD, or PhD from a top school, you start off as an associate. As an associate, you either stick around and make it, or you go in house. In which case, no one tells associates to leave and get a MBA to come back. You are either fired or you move up. Analysts generally work 2-3 year contracts.

The same goes for the big consulting firms you speak of. The beginning pay grades are BA/BS's...associates are called associates, and then from there you move on to principal or director, depending on what you firm calls it. You come in as an associate when you hold a JD, PhD or MBA. The career track is the same as banking, you either stick around, or you leave for another company/firm. In which case, no one tells an associate to get a MBA and come back.

Regardless, the reason you are clueless is because the only people you hang out with are undergrads who are the grunts in either profession. Analysts are much different than associates in terms of career progression, although they do about the same amount of work.

Most JD's or PhD who switch over to consulting or banking get a few years credit for the time they spent in their fields. Sure, they lose a couple of years, but the pay more than make up for what they would otherwise be making at a law firm. The ones who go straight into banking or consulting are on par with their peers.

Finally, there are few state schools that are on par with the private schools. If you want to waste your money on a MBA, you need to go to the best school you get into. The job prospects are much better. If you think the 40% of Stanford GSB grads who are looking for work are sad, try hearing the numbers from state schools like Haas or Anderson. The numbers are even worse.
Annapolis-Harvard Law Grad Tuesday, June 18, 2002 at 18:30:49 (PDT)

For those who go it alone and succeed,the MBA is worthwhile set of tools, a mind broadening experience, and a time to meet peers in a very competitive arena.
It is not the Investment Banker who makes the most money, it is the one who owns shares in the companies the investment bankers serve.

Do you really want a JD, an MD, or a PhD who is in it for the money ?
Be honest, if you're in it for the money, go for the MBA.

'83 MBA and glad that I did it. parishwien@yahoo.com Tuesday, June 18, 2002 at 14:46:34 (PDT)

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