It is time to recognize conventional MBA programs for what they are - or else to close them down. They are specialized training in the functions of business, not general educating in the practice of management.
If the question is, how do we best produce business people who can succeed in the post-Great Recession era, then I think the MBA programs and their connection to large companies remains intact but it's not the path to a "Business Brilliant" life. It's a path to a middle-class existence marked by large stretches of security and comfort with occasional eruptions that you're probably ill-prepared to handle. Do I sound too cynical?
I get rejections from the New Yorker. When I had to give a little talk to the people graduating from the MBA program at Columbia who were going into writing and filmmaking and everything, I said, "When I tried to think of what to say, the only subject I thought was appropriate for people doing what you're going to do is rejection." That's what it's all about.
MBA programs are underwritten by large companies and they succeed at producing future employees of large companies. In that regard, they are doing exactly what they are supposed to be doing.
I've been among their critics [MBA programs]. Much of what I've seen in business schools is quite non-rigorous. Anecdotal histories are stretched to illustrate favored slogans. Evidence of their effectiveness is similarly anecdotal.
or simply:
