An MBA's worth is more now about the institution where it is gained.
AN MBA was once seen as a golden key to corporate success a gateway to a new career and an instant salary increase.
But with almost 50 institutions around Australia now offering courses in business administration, there is a growing concern that an oversupply is undermining an MBA's worth. Some believe there is now less value in the qualification itself and more value in the institution where the qualification was gained.
"They're MBAs and they're MBAs," says Chris Tziolis, who is in the final weeks of completing his qualification at the Australian Graduate School of Management (AGSM).
"The reality is the MBA is more than the theoretical knowledge gained, it's a whole experience networking, the ability to learn from an outstanding faculty and the value created by interacting with a diverse range of fellow students.
"In my view, it's this whole experience that adds value to the individual and hopefully their ability to be successful in the corporate world."
AGSM, a joint venture between Sydney University and the University of NSW, is popularly regarded as Australia's top institution for MBAs. The leading survey of the world's top business schools by British newspaper the Financial Times, placed AGSM at number 69 last year.
But does an MBA from a lesser-known institution mean you'll come away with a lower standard of education?
Not necessarily, Tziolis says. Rather, it means you might use the degree differently.
"MBAs from lesser-known schools are probably targeting people who are looking for advancement in the industry they're already in and want to upgrade their skills," he says.
"The major schools are more for people who are looking to change their career and probably fast-track their new career."
But not all graduates find their new qualification leads to immediate success.
Online journalist Murray Cox completed an MBA at Scotland's University of Strathclyde in November 2002.
He has found it has not accelerated his career progression in the media industry, which tends to value on-the-job experience over academic qualifications.
Despite this, Cox describes his MBA as an "overwhelmingly positive experience".
"It's not a golden key that could suddenly open new doors for you but the courses are certainly marketed that way," he says. "But, in reality, that has not been my experience or that of my peer group."
Cox warns that rankings such as the Financial Times survey are not the be-all and end-all of indicators for quality.
Those interested in undertaking an MBA should look at measures including awards and government ratings for research.
"Think carefully about where you do it and the type of people who are doing the course there," he says.
The greatest benefit to flow from an MBA might not be what you learn in a classroom. Alumni associations are also important, offering the chance for former students to network.
Many former students of the top schools are now in influential posts in almost every major organisation in Australia and are often keen to maintain ties with their former school.
"We have 9000 alumni in senior managerial positions throughout Australia and the world," AGSM careers centre director Penny Liggins says. " This means for current students we have the ability to open doors into virtually every industry."
International schools, particularly in the US, are renowned for their highly organised alumni and the networking opportunities they present.
Sudip Nag, who works in product management at Cisco Systems in San Francisco, graduated in 1994 from America's prestigious Wharton School currently ranked No.1 by the Financial Times.
Every job he has gained since has been secured through the old school-tie network.
"The school holds a reunion every five years, but more importantly you tend to keep in touch with people in your geographical area," Nag says.
"I keep in contact closely with 15 people from my year but also have ties with people who graduated in other years who live in the Bay area and events are held at least once a month."
