The MBA is now routinely accepted as the graduate management degree. But is it worth the time, money and effort? After several years of working your way up the career ladder, what can an MBA do for you?
In addition to developing strong technical skills, today's managers must be able to influence people, interact with other departments, and negotiate with individuals from all walks of life. They must know how each part of their company relates to the others and fits within the whole, how the company competes, and how it should compete. With the disappearance of much of middle management, this sort of knowledge is becoming increasingly crucial at all levels and it is even more important in smaller organizations.
In the past, key purchasers of MBA talent criticized leading programs for turning out overly theoretical graduates who were unable to make things happen and were unaware of the increasingly international dimension of business.
The response has been profound. Many schools now attempt to make their training more relevant to actual business and global realities. The new curricula increasingly seek to achieve greater course integration, offer courses in soft skills - leadership, communication and negotiation - and utilize modern teaching methods.
However the most traditional teaching method, in which students listen to lectures and take copious notes, is probably still the most common approach used in business schools today. The case-study approach is also used as a teaching vehicle at many schools.