Economist on Entrepreneurship, Value of MBAs

Can entrepreneurship be taught? Are MBAs still valued? These are two topics covered recently that are definitely of interest to anyone considering pursuing an MBA.

Despite the undeniable fact that some of the most successful entrepreneurs around did not go to business school, the best programs contend they don’t actually create entrepreneurs…they nurture innate ability.

Timothy Faley of the entrepreneurial institute at Michigan’s Ross School of Business tells, “A good idea is not enough. You need to know how to transform a good idea into a good business.”

And despite the financial crisis and media backlash against MBAs that prompted public oaths of integrity from Harvard Business School students, writes that for the most part, the corporate world remains as happy with MBAs as it ever was.

MBAs continue to command a premium on the market: they are more likely to get jobs than people without the degree, and, on average, receive a higher salary. Employers continue to pay MBAs twice as much as people with undergraduate degrees, and 30”“35% more than people with lower-level management degrees, such as Master’s of Finance.

Some 98% of corporate employers report that they are satisfied with their MBA hires, a figure that has not changed since 1998. Figures from the American Bureau of Labor Statistics confirm that education still pays: better qualifications are correlated with higher wages and better job security.

Who could have predicted that the economic crisis would actually open more doors for MBAs, who are now applying their skills beyond finance to an even broader job market?

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