Dug this up from 2006, pre-GFC. Seems the dubious merit of an MBA was recognised quite some time ago. According to BusinessWeek's survey of S&P100 executives,
Some startling numbers came to light. Only 146 of the 500 executives reported having MBAs, a surprising number considering the hundreds of thousands of B-school alumni with enough experience to qualify them for top jobs. What's more, only 71 received MBAs from the top 10 B-schools, and two-thirds of those executives have degrees from just three institutions: Harvard Business School, Stanford University's Graduate School of Business, and the University of Pennsylvania's Wharton School.
Is the MBA overrated?
I have to admit I have an 'MBT', (still in the packet) and if nothing else it provides you with a good filter to sort BS from brilliance in the world of corporate speak. It really comes down to the age old question of 'qualification vs experience' when running a company. A healthy balance of the two would seem the optimum framework for management.
I think its also safe to say that graduates that destroy shareholder value would do so whether they have the qualification or not. So the problem probably lies with HR and the way they recruit rather than the MBA philosophy. By this I mean an MBA could make a very good manager outstanding but a below average manager may well still turn out to be, well, below average and possibly outright reckless with an MBA in his/her pocket.
Reasons for an MBA qualification have diverged significantly from the original intent. MBAs are sold as means of achieving a better graduating/start salary. Right from the start its 'all about me'. Wouldn't it be nice if the reward for gaining an MBA was 'to be able perform your management role brilliantly increasing your staff's job satisfaction and productivity whilst enjoying a healthy, balanced lifestyle'. Sadly this ideal is not touted on the application form.