The Masters of Business Administration (MBA) degree, long a staple for engineers preparing for leadership, is looking pretty enticing lately.
A few days ago, Forbes Magazine, exploring the MBA's healthy returns, declared that students are "often able to get their hefty upfront investment back in less than three years." At the same time, the Graduate Management Admissions Council announced that applications are down this year at 63 percent of full-time MBA programs and 46 percent of part-time programs.
And while that's been going on, thousands of engineers, hustling for jobs, have been eyeballing universities and wondering whether an MBA will give them a competitive edge. So with applications down and with the economy struggling, does it benefit engineers to take the plunge now?
Engineering school administrators who we talked to said that MBAs still have great value, but added that engineers should never view them as a necessity for success. "As a general rule, every graduate who leaves an engineering school shouldn't have a to-do list with a little box on it that says 'MBA,'" noted Richard Miller, president of Olin College of Engineering , a selective engineering school in the Boston area.
"Those who are headed for corporate leadership will probably be tapped on the shoulder by a supervisor at work. And they'll probably be advised that their career would be advanced if they make that commitment," he said.
Those employees can receive great educational benefits from an MBA, Miller said. Engineers, typically schooled in technical feasibility, need to understand the viability and desirability of their technologies, he said. Comprehension of those two qualities enables them to know if a technology fits in a given market, and whether it motivates people. Miller said that many traditionally-trained engineers are weak in those areas. But MBA programs -- which typically offer classes in finance, marketing, and management -- can help.
"We believe the great innovators are people who combine insights from all three independent ways of looking at the world," Miller told us.
Still, the appeal of science and technology is greater for some than the draw of leadership. And those engineers should think twice about obtaining a business degree. "Some engineers really want to focus on technical design, get immersed in narrow area, and develop a depth of expertise in that area," said Richard Stamper, head of the Department of Engineering Management at Rose-Hulman Institute , a highly-regarded Indiana school with a heavy focus on engineering. "In that case, an MBA is not going to help."
At the same time, advanced degrees in engineering don't necessarily aid the journey down the technical track, the experts said. Doctorate degrees, in particular, won't make it easier to find jobs, since many companies don't have the inclination or money to pay PhDs.
"PhDs don't make you a better engineer," Miller said. "It's a license to do research."
While all that may seem obvious, one aspect of the MBA equation isn't self-evident: entrepreneurship. Entrepreneurs are a different breed who may not have a personal need to be leaders or engineers. "They're driven by passion," Miller said.