Is there a downside to MBAs?

Most of the information I've read about the value of an MBA has been favorable, however, an interesting article in the April 30, 2007 issue of Fortune Magazine which suggests that the skills obtained through an MBA program may not be exactly what employers are looking for.

The article describes a lecture given by Jack Welch at MIT in which he was asked the question of what the students should be learning in business school. He responded with "Just concentrate on networking. Everything else you need to know, you can learn on the job." Was he indicating that a graduate business degree was a waste of time? It would seem so.

The article explains that employers are finding MBA graduates tend to lack important interpersonal skills. B-schools tend to focus on on quantitative skills and fail to focus on teamwork and communication. The Graduate Management Admissions Council surveys recruiters and the survey has indicated each year since 2002 that new MBAs lack the ability to write and speak clearly and persuasively. The survey also indicates that these are skills employers value most.

The good news is that B-schools such as MIT, University of Chicago, Wharton and Yale are responding to this MBA downfall by including more interpersonal coursework in their curriculums.

This means that in order to gain the most benefit from your MBA, not only do you have make certain that pursuing an MBA is of value to your future, but when selecting your school you must make certain that you select a school with the appropriate concentration and a curriculum that focuses not only on quantitative skills, but interpersonal skills as well.