Don’t Go To Business School
I strongly believe that today, business school – even at the best institutions – is a complete waste of time and money for anyone with a bit of self-motivation. It’s not that the material is totally useless – though it has changed little in the past 100 years and is now largely available for free online –, but relative to the significant cost it’s just not worth it.
Here are some of the common arguments for business school:
- It’s a great networking opportunity. Yes, if you attend a prestigious business school you will meet and bond with lots of other people interested in business who managed to get high scores on their entrance exams. Sweet! But there are plenty of other great ways to meet amazing people (who didn’t just pass a test and write a good essay). They include: joining a group / club or similar in an area that you’re interested in, going to local events, cold-emailing / tweeting / messaging people you admire to ask if you can take them out for a coffee, etc. I don’t believe the GMAT – or any standardized test for that matter – is at all a good indicator of intelligence or future probability of success. And it is definitely not an indicator that someone will be fun to hang out with. A majority of the most incredible people I’ve met have come from just being involved with the startup community.
- I want to learn from the best professors. Read their books. Most of the professors at these schools – especially the best ones – have published their insights long ago. Ever heard of The Innovator’s Dilemma by Clayton Christensen? How about anything by Michael Porter? Google any famous b-school professor and you’ll find most everything you need.
- I want to learn finance, excel, [fill in the blank]. Read a book, use Investopedia, or some other online resource. It’s much cheaper, you can go at your own pace, and most of the classes in business school will just have you read them anyway.
- The ‘case method’ teaches you about tons of businesses in a short period of time. I’m sorry, but reading and discussing a situation is no where close to actually learning about these situations, businesses, and industries, and how to make decisions in a constantly-shifting, pressure-filled environment. The only way to do that is by actually doing it. If you want exposure to a lot of different business models or sectors, start or join a company that will give you that level of exposure. Also, do you really think that a former CEO, when being interviewed for a b-school case, is going to tell the interviewer the real reason he made the decision to sell the company was because he was cheating on his wife and he wanted to bury the returns offshore before the divorce?
- It’s a signal for my current / future employer. Why not try to accomplish something that actually proves you’re intelligent / competent / hard-working, etc? If you’re in sales, show how amazing you are by selling! If you’re an engineer or designer, make something beautiful and post it online for all to see. Putting an ‘MBA’ on your resume is a poor replacement for accomplishment.
- I want to change jobs. This is the most acceptable reason in my mind, but do you really need to spend that kind of money for a certificate and a job fair? Why not spend the time learning about the space, attending local events you care about, and reaching out to people at companies you’re interested to grab a coffee and chat. If they’re not interested in you, try making yourself interesting by learning everything you can about the space and publishing your thoughts on what you’ve learned online (in a blog, on Twitter, on Facebook, etc).
- I want to learn from / work with bright people (my classmates). This, I respect.If you’re not already at a company where this is possible, consider changing jobs. There are many incredible startups hiring right now. If you think a masters program is the best / easiest way to do this though, consider doing a program where a) you’re learning real skills, and b) you’re collaborating with people very different from yourself, who really bring unique / new ideas to the table. If I ever do another degree, it will probably be at a design school where I get to actually make stuff and learn things from others that I can’t simply by reading an article online or in conversation with a friend.
- It’s free (my company is paying for it / I have a scholarship). If you have a scholarship with no strings attached, great. But be sure to consider whether this is the best way to spend the next year or two of your life. If your company is paying, there are generally pretty significant strings attached (a commitment to work for them for the next few years). Be careful about this. It may sound great, but I think the gain is tiny relative to what you’re giving up in personal freedom.
- It’s fun! I can think of many better ways to spend that kind of money on a fun experience. Why not travel? Or pay someone incredible to apprentice under them for some period of time?
To be clear, I’m not stating that business school is inherently evil, I just think people should be more aware of what they’re getting for the time and money spent. And I think there are definitely better ways to spend both.
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Juventas Fugit is designed and written by Justin Wohlstadter, who, when not writing in the third person, can be found in a coffee shop talking about startups, thinking about the future of education, and generally procrastinating something important.
- Passions: startups that positively affect the world, education innovation, good design, learning, and meeting those with an equally insatiable curiosity.
- Play: director of product design at Enterproid and partner at BOLDstart Ventures.
- Previously: built the early-stage venture arm of Penny Black. And many other crazy, less successful ventures involving fire extinguishers, measuring philanthropic impact, and creative spaces.
- Pedantry: most of the important stuff I taught myself or learned from friends, but I’m fortunate to have (barely received) degrees from Harvard and Oxford. At Oxford I wrote my dissertation on how internet innovation will disrupt access to higher education.
- Procrastination: can be found on Twitter, Linkedin, AngelList and other web spaces, and be reached via email at my first name at this domain.
