Is an MBA worth it?

I’ve been in Enterprise Architecture for a while now. And whilst I really enjoy it, I would also like to take a next step, lead a larger team, share my knowledge, you know, grow!

The last couple of times I discussed this with people I’ve been told that I should pursue an MBA, but is it worth it? Really?

In the rest of this piece, I’ll argue why the costs of an MBA rarely justifies its benefits and that the emphasis on networking often overshadows the development of actual skills, competence, and knowledge.

Tuition fees begin at about €60,000 at the better-known institutions. But if you expand those costs with additional costs such as lost income during study and even the need to relocate, the financial burden is immense.

MBAs are often called the “golden ticket” to success, but the reality is that for the people I know with an MBA, this just falls short.

First, let’s look at the actual numbers. Check online, an MBA from a university with a good reputation can cost anywhere from €60,000 to €120,000 in just tuition. When you factor in lost earnings from taking time out of work, even having to relocate, living expenses as well as paying interest on your loans this can increase to more than €200,000. This is a huge risk, and to make matters worse, the promise of higher salaries post-MBA often don’t materialize.

Some MBA graduates land lucrative roles, agreed, but these are often the exception rather than the rule. Many graduates find themselves in roles that offer only marginally higher pay than they could have achieved without the MBA—and often with the added burden of substantial debt. In an era where alternative learning pathways like online courses, certifications, and on-the-job training are more accessible and affordable than ever, the MBA’s value proposition is increasingly questionable. Another common argument in favour of MBAs is the development of advanced business skills and knowledge. However, from what I’ve gathered from several brochures, curricula and people followed an MBA, the MBA programs are most often outdated, highly theoretical and detached from reality of modern business challenges. Frameworks and Cases that were ground-breaking in the 00’s are still being promoted feel irrelevant today. What is more, many of the skills taught during MBA, leadership, strategic thinking and analytics can easily be acquired through alternative means. edX, LinkedIn Learning, Global knowledge but even articles from the internet offer knowledge for a fraction of the cost. And this is even without the invaluable lessons learned through hands-on experience in the workplace.

Competence in any job is not something you can learn from a book; you learn by doing, you learn by experience. True knowledge is gained through real-world scenarios, hands-on problem solving and continuous learning.

An MBA might offer a safe, structured learning environment to explore the theory, it is not the only nor the best way to gain those skills.

This brings me to the next point: When and why did we start over-emphasizing on formal education, credentials, and degrees? In the end those are just pieces of paper stating you poses the ability to regurgitate information at the desired time and place. It tells you nothing about someone’s actual capabilities. When are we going back to promoting those with demonstrable skills and potential? Startups, tech companies, and the more successful “big old” companies” recognize that innovation often comes from diverse teams with varied experiences, not just from individuals with elite degrees.

There are so many more ways, often tailored to your specific industry that can offer knowledge. You can attend a bootcamp, go to a workshop, follow micro-credentials online.

They cost a lot less and are often better suited for adaptation to the needs of your employees. You could even host them in-office to mitigate travel expenses. It allows your employees to “upskill” without stepping away from their day-to-day jobs and activities.

The people who spoke highly of MBA’s often spoke about the secondary benefits. Not about the theory, not the content, but the access their alumni network provided for their careers. Most in favour of an MBA argued that their newly gained connections opened doors for opportunities that would have remained closed otherwise.

However, this emphasis on networking often exposes a troubling reality: the MBA is less about merit and more about perpetuating exclusivity.

It turns out, from the conversations I’ve had, the term “old boys’ network” isn’t just a cliché, it reflects on the actual operation of an MBA program.

These networks reinforce existing hierarchies rather than breaking them down, making it difficult for those from less privileged backgrounds to truly benefit. Moreover, the networking aspect of an MBA can sometimes overshadow the academic and professional development that should be at the core of the program. Students often spend more time cultivating relationships than mastering new skills or gaining deep insights into business strategy. Doesn’t that sound silly? Making an incredible investment, and justifying that investment by relying on a network and not the things you’ve learned? To me this raises fundamental questions not only about the validity of the MBA’s curriculum, but also about its purpose. It reminds me of George Carlin, “It's a big club, and you ain't in it.”

Part of the attraction of an MBA lies in the prestige associated with certain Universities. Harvard, Eaton, Erasmus University, and others almost sound like a shortcut to credibility. If the curriculum is the same, why doesn’t an MBA from the LOI carry as much weight as an MBA from Nyenrode Business University? Doesn’t this “prestige” create a psychological trap. Students may overestimate the degree’s impact on their careers, and hiring managers prioritize names over skills and experience, resulting in a cycle of not the best person for a job, but the most prestigious university This focus on prestige causes people to pursue an MBA not out of genuine interest, but as a means to an end to succeed in the rat race. This herd mentality fuels a system that prioritizes appearances over substance, leaving many highly skilled disillusioned when their experience and skills are valued less than being able to do a huge investment. Speaking of huge investments, who is it that REALLY benefits from an MBA. From the information above I surmise it is not the student, but the institutions Business schools seem to have lost the reason education was formalized to begin with. As a reminder, we did so because we wanted an organized way to pass on knowledge and skills to younger generations. Nowadays universities, but business schools, operate as highly profitable enterprises, capitalizing on the aspirations of ambitious professionals. They market their programs as transformative experiences, but the outcomes often don’t align with the hype. This dynamic only demonstrates an individual’s willingness to conform to established norms. This attitude stifles innovation, agility, and the capacity to think creatively, as the pool of candidates becomes more homogenous the ability to change disappears. From my perspective only a select few would benefit from pursuing an MBA.

For most of us the same time, energy, and money, let’s be honest, should be spent on targeted, flexible, and cost-effective forms of learning and development.

It’s about time we discuss what really matters on the work floor, what truly drives a business, what makes a business successful.

Should we really be sponsoring universities with tons of money, or should we invest in skills and knowledge through life-long learning?

Instead of pursuing an MBA, we should consider what we actually want to achieve for ourselves, and invest in that: look for challenges in your work, find a mentor, better yet, become a mentor, become your own brand (I highly recommend Dorie Clark’s Entrepreneurial you) but most of all, stay curious about everything, always.

An MBA has long been believed to be the hallmark of success, but its relevance is fading. Practical expertise, not fancy sounding words are regaining popularity. Before getting sucked into an expensive “atta boy” ask yourself: What am I really hoping to get out of this? Is this really the best way for me to grow as a professional? Will this truly grow my career, or can I do something more effective and efficient to learn what I need, to get to my goals?

For me, after careful deliberation the answer is a loud and clear YES!

I’d want to call to all my fellow highly skilled peers, who are, just as me stuck in career limbo: let’s move beyond outdated symbols of status and embrace a more accessible, and impactful approach to professional growth. The future belongs to those who invest in themselves wisely—not those who rely on an expensive piece of paper to define their worth.