The Master of Business Administration (MBA) degree is gaining popularity with each passing year. They are marketed as the one-size fits all solution for your career and your bank account. Traditional classroom settings, online programs, executive formats, are just some of the options. Before you or your company invests in an MBA, don't be fooled, know what you're getting in to.



Myth 1: An MBA will make you money.

Most people think that all you have to do is get this degree and your boss will throw money at you. Well consider this: there are more job seekers than jobs, and MBA's are becoming common place. An MBA no longer differentiates you. MBA holders are finding more and more, that experience and who you know are more valuable than a degree.

Myth 2: You need an MBA to make money in today's world.

Contrary to popular belief today's richest people are not the people who have been to the best Business School (B-School). The road from rags to riches takes more to navigate than a 2-3 year degree. MBA students often get lulled into a false sense of security and rest on their laurels, while skilled business people use tried and true old money methods to accumulate wealth.

Myth 3: You'll learn the secret's of business at an MBA Program.

What you learn how to do at an MBA program is how to make other people money, not how to become wealthy yourself. MBA schools are in the business of selling degrees and selling graduates. After they sell the degree to you, they sell you, the graduate, to employers. Employers are self-interested and need people who will make the company money, not make money themselves.

Myth 4: An MBA is good for business, government, and non-profits.

Just because businesses, governments, and non-profits all use balance sheets, doesn't mean they all need the same solutions. MBA programs gloss over the nuance with one-size fits all techniques, that when applied to the real world at best add no value. Often what is needed is observation and thoughtfulness, not textbook strategies.

Myth 5: Learning business from a school is better than learning on your own.

MBA programs claim to have a monopoly own business knowledge, yet they don't teach basic business principles like ownership. With the advent of Web 2.0 a new wave of rich individuals has come on the seen. Do you hear them saying: "It's all thanks to my MBA"? No.

Myth 6: An MBA is your ticket to the inner circle.

No degree can open a door to the inner circle. You can only gain access by interacting with people, people who can find MBA's for a dime a dozen at your B-School. Getting into the inner circle takes time, tact, and a mastery of human relationships.

Myth 7: An MBA will help you start or enhance your own business.

One area the MBA programs are lacking is in teaching students how to be business owners. They don't teach you how to incorporate, how to find accountants and attorneys, how to do your taxes, how to protect your money, etc. This body of knowledge is kept away from MBA classes purposefully because B-Schools are in business to provide a labor force, not create a new generation of wealthy individuals.

Myth 8: Getting an MBA is the best way to advance your career.

It common knowledge the 50-70% of jobs are found through connections, not because of your degrees. So why then do B-Schools tell you that the best way to advance your career is through a degree? A brief study of human interaction or interpersonal relationships can develop more opportunities and connections for you than 3 years in class.

Myth 9: An MBA increases your network.

MBA programs have networking events to bring business people, employers and students together. The problem is this: MBA curriculums don't teach the basics of positive human interaction, like listening. Just bringing people together is inadequate. This is why there are still a high number of students graduating B-School unemployed.

Myth 10: An MBA program will teach you how to be a leader.

Leadership is more than remembering information from a textbook, listening to speakers, and demonstrating your knowledge. Leadership encompasses every aspect of a person's being and requires more than a few credits at B-School to master. Many students looking to graduate as leaders are sorely disappointed when reality sets in after they receive their diploma.

I encourage you to teach yourself business. That way you'll know that your educator has your best interest at heart.