If you’re thinking about going back to school, you’re not alone. Tons of us are moving on to get our Master’s degrees, and for STEM majors and a few lucky others, this decision can prove to be very lucrative. Of course, there’s one prestigious post-grad degree that’s always stood out above the rest – the MBA. MDs and JDs are fine, but if you want to really make it, like multi-million dollar annual bonus make it, you need the MBA. Or at least, you used to.
According to new data from the University of Texas at Dallas, MBAs aren’t what they used to be. While they were previously the gold standard when it came to Master’s degrees, the market is now flooded, which is a bad thing if you’re trying to pursue higher education. 200,000 MBAs are now being awarded every year, so unless yours comes with a name like Harvard or Wharton, you might have just thrown away six figures in student loan debt for no reason. Not only does the market have way too many players in the field, but the results from the study show 98% of recruiters don’t think that getting an MBA actually prepares you for the workforce. Additionally, on a scale of 1-10, MBA students never broke a 7 average in achieving high work ethic, critical thinking, teamwork, and communication skills.
Of course, if you already have those skills, an MBA could improve your job prospects, but don’t go to B-school expecting an easy ride into a top career without the accompanying hard work. While in the middle of this current application cycle, make sure you’re exploring your options thoroughly, including employer reimbursement and improving your STEM undergraduate GPA. Life’s tough out there, kids, and unfortunately, more education isn’t always the answer. .