Getting an MBA costs a lot of time and money. Erika Andersen of Forbes suggests that you might want to think carefully before you make a commitment.

Why Spending $150K On An MBA Is Probably A Dumb Idea

I feel conflicted about MBAs.  On one hand, I get that the conceptual and analytical tools that form the bulk of most MBA programs are very useful to someone who wants to operate a business.  On the other hand, I know way too many MBAs who can’t manage or lead their way out of a paper bag – and still think they’re the bomb because…well, because they have an MBA.

I just read an article on MBAs and their merits by a guy named Todd Tauber.  Todd is fan of MBAs, and basically argues that the current vogue for dissing MBAs among young entrepreneurs is misguided.  Interestingly, although he acknowledges  that MBAs may be outdated and less useful for the 21st century than they need to be, he also proposes that they’re being fixed even as we speak, that the B-Schools “get it,” and are in the process of making MBAs relevant.

Uh-huh. I’ve been hearing that for a long time, and I don’t have much confidence that it’s true.

Here’s what I really think about MBAs.

– If you want to make a lot of money working for a big corporation that only hires its management track people from the “best” business schools, and you have $150K to invest in helping assure that will happen, get an MBA.

– If you really love going to school, and you’ve finished your undergrad degree and are interested in business (especially the intellectual and theoretical aspects of business) and you – or your parents – can afford the six-figure price tag, get an MBA.

– If you want to run a business or be a senior executive, but you don’t feel confident in your own ability to learn how to do that on your own without the framework of a curriculum, get an MBA.

Because (sorry Todd) my experience of observing and working with people who have MBAs over the past 40 years leads me to believe that whether or not people have that degree doesn’t seem to have much to do with whether or not they’ll be able to create happy, successful lives for themselves.