omo, sefago, i can't even afford to even begin to attempt that kind of trip, its waaaaaaaay too expensive son. I was in the north east a couple of weeks ago and trust me i am not trying to go there anytime soon.

By the way, i have heard of a conference like this before, are there a lot of Nigerians over there.

A Stanford grad, with financial consulting experience for NYSE 100 firms and a CFA.

And a Bethune-Cookman University grad with a recent Harvard MBA with previous background as a teacher or charity fund raiser.

I think Mba these days are not worth it  or too risky

Especially with all the money invested in school, When I ever i see Mba i just think to my self too much of a risk
In recent times people who have gotten their Mbas are the ones losing jobs when private companies go Bad.

I plan on getting my Mba with a JD just to be safe

or llm and masters in economics

They only recruit at a select number of schools Harvard/Princeton/Yale/Stanford/MIT/ Columbia/Wharton/Williams/Amherst for their business analyst positions

I plan on getting my Mba with a JD just to be safe

Yep that is usually where the wall street boys recruit from. The top private equity firms like KKR and Blackstone recruit heavily from this schools also.

Man u get money o. is your dad a politician?

It is actually very difficult to get a PE gig straight out of college. you need to have worked in an IB division first b4 u culd try PE. Except u are a math genius from one of these schools.

Hello my brethren, Ive been following your conversation with interest and I must say it really is interesting.

My opinion on the whole MBA issue is that the $100K+ investment in Education is absolutely worth it provided you have subjected yourself to a rigorous self-examination and reflection and decided what you really want out of life.

The truth whether or not you choose to accept it is that top firms such as Goldman, Mckinsey, Bain and Co., Morgan Stanley etc. are extremely selective in their recruiting. These firms I daresay have remained the best primarily because of the talented people they continue to employ; nowhere else in the world can you find a greater concentration of talent, potential corporate superstars and potential global leaders than in a Harvard or Stanford MBA classroom. That is precisely why these top firms focus their recruiting attention on certain 'Target Schools' such as Harvard, Stanford, Wharton, Columbia, MIT Sloan etc. Thay can rely on the quality and calibre of the graduates of these programmes and be confident in their ability to bring fresh (and profitable) insights into their companies.

You may question the absolute nature of my previous statements but I dare say I have reasons for my conclusions. You need to understand there are MBAs and there are MBAs, You simply cannot even begin to compare a top schools to rest of the pack. What makes the top schools stand out? I am not an authority on the subject but I believe three major factors distinguish these schools from others.

First the calibre of professors that teach on Top MBA programmes are second to none. Harvard and Stanford for instance have several Nobel Laureates among their faculty. These professors apart from being technically sound in their fields are foremost thinkers steadily reeling out fresh ideas that become the stuff of textbooks and are eventually adopted the world over. Examples include Myron Scholes (Stanford) who received the Nobel Memorial Prize for the creation of the Black-Scholes options pricing model, a benchmark formula for the valuation of stock options and William Sharpe (also from Stanford) who received the Nobel Memorial Prize for his development of the Capital Asset Pricing Model, an economic model that weighs the potential gain from an investment against its potential risk.

Second major factor is the quality of the students admitted into these top business schools every year, You need to read their profiles, these folks are not ordinary, I am not talking about grades alone, that is where so many mediocre institutions miss it, I am talikg about accomplishments and leadership potential, In these schools, you find people who have taken the initiative to do meaningful things like starting charitable organizations or leading charitable causes, Bottom line, apart from being incredibly smart (Super high GPA and GMAT), you have to be a well rounded outstanding individual. Forming close bonds with such people over two years will revolutionize the way you think, act and respond to situations around you. These schools realize that potential for success can be displayed in a number of ways not just by detailed knowledge of a particular subject, This is why Harvard may admit an applicant with a very good GPA and GMAT who has accomplished a great feat such as leading a team of Mountain climbers over the Everest in record time and deny another applicant who has a perfect 4.0 GPA, MSc with Distinction, C.F.A and even a PHD but absolutely no extracurricular accomplishments.

Also very important are the Alumni Networking opportunities available at these top schools. Be it a career on Wall Street or in a top Consulting firm or even as an Entrepreneur, It is a great help if you have valuable connections. Certain schools like Harvard have alumni in virtually every sphere of American (and global) society, You just need to look up the notable alumni of these top business schools; this alone is enough motivation to get a top MBA, (George Bush, Henry Paulson, Our very own Bayo Ogunlesi are all Harvard Alumni), Harvard is a LEADERSHIP FACTORY, Other Schools such as Wharton, Columbia, Stern or Chicago boast probably the highest number of alumni that work on Wall Street, Stanford Alumni on the other hand are typically the pride of Silicon Valley,

If for instance your dream is a fulfilling career in Goldman , JP Mogan or a similar firm, an MBA from a school like Wharton or Columbia is probably the surest way in, Different schools also have their particular specialties. This is specifically why I said at the beginning of this post that you need to determine exactly what you want out of life before you dole out a 100Grand on an MBA, If you know all you desire is to be a top shot in one of Nigeria's commercial banks, do not waste your money on an MBA, Simply bringing in Billions of Naira in Deposits will get you to your promised land, the MBA is for people with far bigger dreams,

To my distinguished colleague who would rather spend the 100+ Grand on a business venture, I daresay that is a very noble idea once you have done your homework well, If you have a really great idea, go for it by all means. It is important to note however that top MBAs also focus on building entrepreneurs. A number of successful young entrepreneurs take a break and go to business school for two years to gain valuable insights and make even more valuable contacts. The teaching in the top MBA programmes is revolutionary, These programmes make great use of Case Studies that present some of the most complex business issues that exist today and even issues that they anticipate will exist in the future. Students are encouraged to THINK beyond the limits they have previosly set for themselves, analyse these issues and tackle them while in a classroom environment, Top programmes typically hold Business Plan Contests, The winner of such contests in some cases may receive funding and alumni support to bring the plan to reality. I believe the MBA, while in no way a neccessity if you are on an entrepreneural track, is also udoubtedly HIGHLY USEFUL as a lot of the concepts taught are very relevant in starting and running your own business successfully. Once again, a glance at the notable alumni of top schools like Stanford and Harvard will reveal the number of successful entrepreneurs that have been groomed in these formidable institutions.

An MBA is a lot more than the typical academic qualification, It is also very professional in nature providing you networking opportunities your peers can only dream of, The top MBAs also prepare you for Global Business Opportunities and ensure you do not remain a 'LOCAL CHAMPION' in your chosen field, The MBA as I have said is not only useful to those who have Goldman Sachs or Mckinsey in mind, even as an Entrepreneur, this qualification could really provide the missing link (knowledge, concepts and contacts) necessary to take your business to greater heights.

It is an expensive venture but one I DEFINITELY choose to invest in, Like my friend DAVIDIF, I am an absolute GOLDMAN SACHS FANATIC and I am not ashamed to say so, This is why I intend to go to a TOP business school in the very near future, As I have said repeatedly, let your ULTIMATE GOALS AND DREAMS determine your decision on whether or not to pursue an MBA, Never be a victim of 'CROWD ACTION', Only dead fish swim with the stream, If you've got what it takes and you want to make an impact on the GLOBAL BUSINESS scene, then an MBA may be just the thing for you.

Finally, research has proven that the Economic value of an MBA is directly related to the status of the school you choose to attend, Mega paying corporate establishments like Goldman, Morgan Stanley, Blackstone, KKR etc are very UNLIKELY to recruit out of certain less prestigious schools. You honestly cannot expect Harvard Business School and University of Maryland's Smith Business School to send their grads to the same companies, Complain as you want, it is not impossible but certainly very unlikely to see a Smith MBA in a firm like The Carlyle Group, That is just the way it is, My advice: do all you can to make yourself the ideal candidate for the top schools, this will give you prestige, virtually limitless opportunities, more confidence and certainly MORE VALUE FOR YOUR MONEY,

dayokanu:

Being in the same class with the guys who formulated the theory.

Sagamite:

I would not even pay that to have a weekly 1-to-1 tutorial on election fundraising with Obama.

David Axelord is the underground king that wasn't crowned.

TheSeeker:

David Axelord is the underground king that wasn't crowned.

TheSeeker:

Me think MBA is super cool. It's worth spending money on but like Sagamite rightly pointed out, $100K can as well be a starting capital for some good business. I think David and Sagamite are making great points but in the end it comes down to individual choices and how well and often they can access funds. If my dad is Yaradua, a state governor, Mike Adenuga, Dangote, etc., hell yes, but what if he's not and just some random business man? I'll think over it.

Sagamite:

Thanks, mate. 

Honestly, I do admire these guys' ambition and was like this (if not worse) back in the day, it is good to see Nigerian youths with fire in their belly. But being one that is always ready (and enjoys  ) to challenge the status quo (and frequently challenging it) in anything I do rather than just follow what is generally regarded as true or the "norm", I am ready to look at latent alternatives.

The cost of the course, the lost salary during, the stress of trying to excel, the hours you have to put in in GS, MS, Mckinsey, Bain etc, the over-competitive morons you have as colleagues that think they are intelligent but yet are just following a perception that does not bring them happiness?

I would rather set up a solid business with all that capital and stress, and still be able to have a relationship with wife and kids. Build it up, then hire some eager Harvard MBAs to run it whilst I retire and seat as a Dragon on Dragon's Den. 

TheSeeker:

Ambition has ranges. There are ambitions that doesn't involve a high percentage of challenge; some do and some involve not just challenge but a widely based intelligence. I do believe in being independent. For the most part of my life, I've always thought I don't want to work under anyone (I know it's one step at a time but it doesn't hurt to have dreams and work towards it). I see David's impression as being very competitive in rather a very limited space, which most definitely is a challenge and will have to be buttressed by lots of intelligence and over emphasized time. But starting your own business will bring forth more intelligence, maybe less competition at the beginning but as you widen your horizon, you get to compete in that field you are -- your intelligence increases -- however, you can get to hire one of those 'experts' and they will continue with the rest and like you said, ". . . retire and seat like a dragon on a dragon's den"

Both has its pros and cons. Like I said, it solely depends on how well you can access funds and how often but there's nothing absolutely wrong with being independent even if my dad is the Nigerian president. Working on Wall Street, sure is competitive but having the determination to start your own business and hoping to enlarge it is way better (in my opinion)

davidif:

sagamite and theseeker
What i am trying to say is that having an MBA would definitely help you in starting your own business because it gives you a general business education. 80% of new businesses fail and some of the reason is that a lot of people don't have a good business sense so they make key mistakes. An MBA helps you to learn from several enterprenuers who made it and from masters of the industries.

dayokanu:

Why do you think most executives have an Ivy league education?

Why do you think Most US presidents have Ivy league education?

If you compare the ground breaking discoveries by Ivy league graduates I think its worth the investment.

Would you go to Texas Southern University and pay $30k for an MBA when you would end up working in a 50k a year job or a Harvard MBA that would guaranty you 100k a year start up salary at least. With the potential of standing tall with anyone on earth.

Dont forget Bill Gates the richest man in the world was an IVY league not West Missisipi University dropout.

Buffet went to Wharton and Columbia, Larry Elison went to University of Chicago and Urbana-Champaign

3 of the top 4 richest men were Ivy league students, Does that tell you something?

All Donald Trumps kids attend Wharton.

Compare the number of millionaires and entrepreneurs churned out from CALTECH to Oklahoma Panhandle University

Despite having a huge loan to pay after graduation, Ivy league grads are still richer and more succesful than other school.

I am a sucker for Ivy league education anyway

That tells me something but speaking in Nigerian context, how many parents can afford to pay that much unless they are stealing our public funds? We're speaking of Nigerians here. . . are we entitled to the same opportunities as these people you mentioned? I'm not disputing where you're coming from; but ask yourself this: -- only very few Nigerians have the very rarest opportunity to study in these schools.

If you stand side by side with an American or some European and you both hold MBA from the same University, who will the considered first? That's what I call privilege

dayokanu:

Why do you think most executives have an Ivy league education?

Why do you think Most US presidents have Ivy league education?

If you compare the ground breaking discoveries by Ivy league graduates I think its worth the investment.

Would you go to Texas Southern University and pay $30k for an MBA when you would end up working in a 50k a year job or a Harvard MBA that would guaranty you 100k a year start up salary at least. With the potential of standing tall with anyone on earth.

Dont forget Bill Gates the richest man in the world was an IVY league not West Missisipi University dropout.

Buffet went to Wharton and Columbia, Larry Elison went to University of Chicago and Urbana-Champaign

3 of the top 4 richest men were Ivy league students, Does that tell you something?

All Donald Trumps kids attend Wharton.

Compare the number of millionaires and entrepreneurs churned out from CALTECH to Oklahoma Panhandle University

Despite having a huge loan to pay after graduation, Ivy league grads are still richer and more succesful than other school.

I am a sucker for Ivy league education anyway

davidif:

Look the guys who get MBA's from this schools usually end up being "masters of the universe" (in there fields at least) that is no coincidence because they are the best and the brightest at what they do and they go for the best education just look at all the wall street CEO's or the heads of boutique firms or even most start ups and you will see what i am talking about.

davidif:

Another example, even though its not in the business world is the world of technology, most of the innovation comes from student's from the best schools like the Stanford's, Caltech's and MIT's just look at Google.

Another reason why i am arguing for this great schools is that if you want the best education, you have to be willing to pay for it, afterall its an investment. Didn't we all fork out a large amount of money to come to yanki for college? What if our parents had told us to stay home and use the money for business instead of getting a quality education?

Bros, even if you become a great business man without an MBA let's not forget that no knowledge is wasted (heck, you could easily start a consulting business with the knowledge gained from the MBA) and that 100,000k (i don't think its up to that) is a worthy investment worth taking for the best education.

THE BEST THINGS IN LIFE ARE USUALLY NOT FREE.

Also as someone who attends a target school for Goldman sachs/ Jp morgan all that glitters is not gold. You would just sit down in a small office being part of the machinery and later becoming frustarted because of the limited opportunities for upward mobility as well as the greed

I heard lots of stuff. they get as many young boys as they can to work

Sagamite:


True entrepreneurs rarely ever need the MBA qualifications, it is usually pursued by those with "employee mentality".

If you do the MBA at the top schools, you will make loads of money and be rich if you are in the lucky batch. But their is a difference between rich and wealthy.

The Harvard MBA employee is rich, the owner is wealthy. Chris Rock said it all.

[flash=450,300]http://www.youtube.com/watch/v/CDkCE7WqxOE[/flash]

Dayokanu, I don't think we are debating Ivy League schools here, obviously it gives one a leg up. What we are debating is the cost of MBA, not undergrad.

Would you go to Texas Southern University and pay $30k for an MBA when you would end up working in a 50k a year job or a Harvard MBA that would guaranty you 100k a year start up salary at least. With the potential of standing tall with anyone on earth.

dayokanu:

The returns on a MBA far outweighs the cost. I know a guy with a MBA from University od Arkansas who cant get a job. he probably paid 30k for his MBA. A Ivy league MBA guarantees a good job and a window of opportunity and exposure to the greatest minds in the business field