A Canary in the Coal mine
From 1911 to 1986, bringing a canary with you into the coal mine made up for the lack of other PPE. Not surprisingly as the saying foreshadows, the canary would die when levels of toxic gas would reach levels that indicated danger for humans. Indirect, but effective. Similarly, applications to MBA programs may be the canary in the school mine. Not as a direct measure of sentiment towards the cost/benefit of college, but as an indirect one.
Last year, at the top 10 business schools in the U.S., applications fell 6% and was the second consecutive drop. Some expect as many as 20% of MBA programs to close. What to make of it?
I often get asked: is an MBA worth it? On day one in the program, you learn the answer is almost always “It depends.”
It is, at its core, a tour of the library. Enough to skim many key concepts such as Porter’s Five Forces, the case study approach, how to read financial statements and time management (family, work, travel and school) but knowing you have lots more to keep learning.
For me, I was fortunate. Anadarko, may it Rest In Peace, paid for mine while I worked full time and I’m glad I have it. $100,000 glad? No. $25,000 glad- yes.
The key question though is: would my career have worked out as it has without an MBA? I believe the answer is yes (being mauled by a Liger is sort of a had to be there moment).
And if someone who has the frame on the wall questions the cost/benefit of one, I think “it depends” is trending to a “no canary”.
I too often consider the value proposition…especially when being asked by folks who will likely pay full price. While Chesapeake did not pay for mine, their stock did…and I did not pay for the stock. In hindsight I have no idea if my career path would have been different, but spending a couple years with folks that were more successful than me (executive cohort) definitely changed my perspective on what I was capable of.
I just finished reading Malcolm Gladwell’s David and Goliath. In it he makes the case that people would be better off getting great grades at a good school rather than going to the best school you can get into (and most expensive) and getting mediocre grades. At least it’s worth thinking about instead of automatically going to the best school you get into. Or the way he puts it you’re better off being the Big Fish in a little pond the little fish in a big pond.
I’m wondering how that fits in with your theories on the value proposition of higher learning?