I am sure there are a number of prospective MBAs reading this who are currently applying to school, frantically writing essays, finding recommenders, taking the GMAT (hopefully you have already done this one!), etc. etc. And each of your motivations to apply are probably very very different. Hard to believe I was there a year ago.
Now, having been at Sloan for a little over 2 months, I have to say it was well worth the effort already. I came here to really learn a lot about business theory and practice, open my mind to many different perspectives, build a useful and interconnected network, and learn as much as I could about the opportunities ahead of me. I am convinced that this last benefit -- REAL exposure to what is out there from classmates who have actually done it -- is one of the best things business school has to offer.
Despite what you may hear, business school (I believe especially at MIT) is academically challenging and competitive. It isn't just about the "network" at all. There is a real academic and practical benefit, well beyond the "good old boy's club" often stereotyped.
Which brings me to the point of this blog. Now that the immediate excitement of getting here has passed (actually, it is still pretty exciting!) a reality has set in that I am having trouble reconciling. The issue is with MBA stereotypes: greedy, entitled, solely money focused, me first, etc. etc.
No, this isn't another "what you may think really isn't true, I promise" type of article. Instead, I have been amazed at how dichotomous this issue really is. Simultaneously I have seen my classmates prove and disprove these stereotypes. It has led me to believe that we are truly in a transition period here at MIT (and likely elsewhere) between the expected norms of being greedy "titans of industry", and the real issues we will have to face in our future.
Sustainability. Social entrepreneurship. "Doing well for the company, by doing good for society". I hear these all the time around here. But in finance we still define success solely by money returned to shareholders, of course. And economics game theory is all about "playing a game" with prices, profit, and competition. Dr. Rakesh Khurana, a professor from Harvard Business School spoke to Business Week about just this issue last May in an article about the role of MBAs in the financial crisis. An excerpt:
"What I find is that MBA students want to find work that has meaning, and they want to find meaning in their work. We need to demonstrate how this is done—and not give students a sense that business is solely about shareholder maximization. Maximizing wealth for an abstract category is not motivating. It also demeans what business does for society. Moreover, it paints an unflattering and self-reinforcing picture of management and business leadership. We need to show that not all MBA students are solely in it for personal wealth, but rather wealth creation. Most MBA students want to be value creators, not value extractors. Too often, though, the role models we present to students and society about MBAs is the buccaneer financier, not the manager or entrepreneur.
I think we have an opportunity to reshape MBA education and consequently MBA culture in the 21st century. The kinds of problems society confronts (pandemics, sustainability, environment, inequality), these are the kinds of problems that business can help solve, but only if it is infused with a broader, more society-focused institutional leadership. I think business schools can help produce these types of leaders but only if we begin to change."
It is an interesting philosophical debate, and one which has a clear answer. Define what it means to be a business person, and create curriculum around that. I can see the direction we are headed here at Sloan, and I like what I see. Take MIT professor Simon Johnson (http://baselinescenario.com/), who spoke at our MBA orientation about how terribly broken the risk-rewards are in our society today for financial firms. He began by saying, "I am somewhat controversial here at Sloan, and there are a number of you that I am sure to offend." I thought it was a brilliant way to start our 2 years here at Sloan. And I hope this sort of inward reflection continues. This sort of critical thinking will certainly make the future of MBAs a much brighter one.
http://www.businessweek.com/bschools/content/may2009/bs20090526_498100.htm
