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Source link: http://archive.mises.org/20804/rogers-getting-an-mba-is-a-terrible-mistake/

Rogers: getting an MBA is a terrible mistake

January 30, 2012 by

Jim Rogers tells CNBC that finance is a terrible place to be for the next 10-15 years. He echos a point I made in this piece.

{ 11 comments }

iamse7en January 30, 2012 at 10:29 pm

Well, this makes me feel great. I just got accepted into the Harvard Business School. I’ll stay out of Finance, that’s for sure.

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Chris January 31, 2012 at 6:55 am

Great article! Note that if the trend continues,the higher education like an MBA will merely be used in the process of elimination in selecting employees in an organization even in the most basic entry level positions such as clerks,messengers,bank tellers and insurance sales representatives. This is not unusal in certain developing nations where the minimum qualifications for these kinds of jobs is an holding a MBA or candidate being a CPA. The higher your education level the better your chances are of getting anything.Eventually advanced education is not specifically geared towards catering to any need in the job market but is more of a reward scheme.

Bryan January 31, 2012 at 3:08 pm

I think that’s already the case. 2001 Space Odyssey may not have been too far off the mark when the majority of it’s futuristic characters held doctorates.

Davis January 31, 2012 at 5:05 pm

I don’t agree with you. I’m undergoing an MBA right now (so, of course I’m biased) and I have to say that folks with undergrads are generally incredibly under-educated for the real world. I got a degree in economics from a Cal State university and they tried to prepare students to be PhDs. There was absolutely ZERO practical application in my education. I got a degree in economics and never did a single real-world case using all of the fancy theories I learned.

But more than that – these degrees show a degree (hah) of responsibility that’s very valuable. How is the system going to vet out irresponsible folks efficiently? Are HR managers “really going to get to know” each candidate for a job? Are jobs all going to be allocated by networks? I agree that finance is not the place to be, but I think knocking the whole higher education system is pretty stupid. I know I was a much bigger dumbass before I got my education. Now, I’m a slightly smarter fella (only a bit). :)

Sione February 1, 2012 at 1:39 am

Davis

If your undergraduate degree was such that you were under-educated for the real world on graduation, then
EITHER;
1/. you wasted your money on the wrong degree
2/. you were pissing your money up against the wall subsidising some worthless academics and bureaucrats in some sinkhole you shouldn’t have been anywhere near
3/. you should have quit as soon as you realised the degree was useless, got right out of there and started gaining experience in the real world (started making money instead of spending it)
4/. realised that every year you lose in pointless “study” is time gone for ever and you don’t get time back…not ever
5/. understood that it is by being active in the real world of work and employment that one gains experience, builds contacts and networks, finds intelligent colleagues who can and will greatly assist, discovers what is really going on in an industry (because one is committed to it for one’s income, spends one’s time in it etc), actually gets to set and achieve worthwhile goals, earns that income, grows the income…
6/. realised that you do not need to spend the bulk of your most energetic years getting “educated” by some denizens of a sheltered workshop who talk but do not do
7/. avoided the shocking realisation that comes to many when, on waking up on the morning of their 40th birthday, they realise that over half of their life (up to that point) had been spent in “training” and then wondering whether what they had been taught for all that time was actually worth the time spent getting taught

OR;

all of the above.

—

Just one question though. How much has your education cost so far?

Sione

Vedran February 1, 2012 at 10:03 am

Or…….

8. You actually finished one of the highest paying majors for new graduates, economics, but the job market was so bad that your degree didn’t help much. Economics isn’t exactly Art History or Psychology -especially if you look at the statistics.

The price signals prior to the recession were pointing in a different direction than now. I don’t think that you can blame the student for following price signals and getting an econ degree. Following price signals is generally a smart thing to do if you want to get anywhere in life or the economy. Unfortunately, the Fed distorted those signals unbeknownst to many people.

bill wald January 31, 2012 at 8:13 pm

If grade inflation and unemployment continues maybe an MBA will get someone a job driving a garbage truck.

Sione February 1, 2012 at 1:42 am

bill

Naaaaah. That job pays too much for an MBA. To get the best contracts and make some really serious money in that sector you really need to be in it from a young age. By the time you’ve finished an MBA the window of opportunity is all but closed for you- too old.

Anna Damaris February 2, 2012 at 6:43 am

I did MBA from Royal Roads University , Canada. I am now working as a Driver. I think i must agree with you and i found this article very appropriate for me.
thanks
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Gangrenebacks February 2, 2012 at 11:25 pm

Wait until about 2020. At that time either the country will be extinct or, because so many have left finance, it will be ripe for some new finance people.

Kind of like bottom feeding. ;)

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