The economic turmoil has people - employed and unemployed -asking many questions about MBA programs.

Gordon Pitts. Kevin Van Paassen/The Globe and Mail

Gordon Pitts. Kevin Van Paassen/The Globe and Mail

- Should I go back to school to get an MBA? Can I afford not to?

- What kind of specialization should I get into, given a new emphasis on ethical and sustainable business?

- What is the worth of a business school education, especially given the high fees and some people's lowered salary expectations?

- Are companies still paying for EMBAs?

- What's with the fee differences?

- What about online programs?

Gordon Pitts, a senior Report on Business writer, takes readers' questions.

Mr. Pitts writes feature stories and analytical articles on management issues and is renowned for his interviews with leading senior executives.

During his 17-year career with the Report on Business, he has also served as a features editor responsible for sections dealing with business change, strategy, entrepreneurship and leadership. As part of that mandate, he led the Globe and Mail's coverage of management education, including business schools, and continues to write about this area.

He is the author of several business books, the latest being Stampede!: The Rise of the West and Canada's New Power Elite (2008).

When the discussion starts, your questions and Mr. Pitts's answers will appear at the bottom of this page. Please note, you will need to refresh the page to see new content.

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Christina Varga, GlobeCampus.ca: Thanks for joining us and thanks to Gordon for taking questions. There's been tremendous interest in the topic, so we'll get right to it, in hopes of getting to as many questions as possible in the time available.

John Thompson from Whitby Canada writes: I am really not sure where I want my career to go but am really interested in Economics, Business and the Markets. I am currently a Financial Adviser but really can't see me doing this forever. Would an MBA give me experience and/or knowledge in a range of areas to help me better understand what kinds of jobs my interests and skills could be used in? Or do I have to know what I want out of the MBA before I get into one.

Gordon Pitts: John, I believe you should have a pretty good idea of your future job potential and goals before you enter an MBA program. The cost of these programs is generally too high for you to use the program as a general exercise in inquiry. You might be better suited to a CFA, for example, rather than an MBA.

I have one caveat to these remarks: More and more MBA programs are cross-functional and emphasize the integration of business areas - what used to be called silos. They are becoming more welcoming for people who have a more holistic view of management. You might actually find a program that gives you that broad perspective.

The key is to research. There are plenty of tools available, and you might go to an MBA fair where a number of schools are represented. Good luck.

Chris Caza-Pugh from Montreal Canada writes: I am a recent BBA graduate and am considering going back for a Master's. I am wondering if doing an MBA or an EMBA would be beneficial or whether I should consider another graduate program. Thank you, Chris

Pitts: Chris, the key is: What do you plan to do with your life? Both these degrees can add to your toolkit, but is this what you want? Have you considered a law degree, for example. Or a CFA? Where do you see yourself in 10 years ... in 20?

I'm sure you can find an EMBA or MBA program that is custom-made for people who already have bachelor business degrees. That is where you should start researching.

All the best.

Robert Edey from Toronto Canada writes: How are MBA programs adjusting their curricula to reflect the dramatic changes in the global economy in the past year, and also, the likely drop in prestige of the degree itself?

Which business schools have been the most innovative in this regard?

Pitts: To their credit, many business schools were trying to change even before the global meltdown. Many now position themselves as emphasizing ethical business, green business or sustainable business — often adding these elements to the old emphasis on finance, policy and strategy. And now there are new courses and case studies that draw on the financial crisis — although it all takes time to see this stuff implemented.

Yes, the degree is under fire because MBAs contributed so much to our current crisis. There are fewer jobs for MBAs right now. But these things go in cycles. MBAs will come back — and they have not lost as much cachet in Canada as in the United States. In a decade, will we still be blaming MBAs? Not if times are good again.

I don't want to single out one program, except to say there is innovation going on in every business school.

D T from Toronto Canada writes: I've been told from a number of people that an MBA is not worth the time and money unless one goes to a top 5 school in Canada or a top 20 school in America. Is there any truth to this?

Pitts: It depends on the kind of career you want. The great thing about a top school is the network it exposes you to: a group of people — peers, professors and visiting executives — who will support you in your lifetime career in major corporations or in your own enterprise. Other programs can give you great tools but the top schools give you the keys to the elite jobs and companies. The elite recruiters go to those schools. That may not seem quite as valuable when so much of the corporate world is in disarray, but those jobs and companies will come back.

Thomas Toronto from Toronto Canada writes: Good morning Gordon and thank you for initiating this forum. My question simply, is this. In the field of post graduate, practical, specialties, the MBA program, unlike law or medicine, is taught by career academics as opposed to practising specialists. In other words, students are being led and taught by associates who have never performed an appendectomy or argued at the bar.
How can we possibly train future business leaders at $100,000 each without the input from someone who has built a plant in China or led a team to develop a new technology and raised the capital to go to market?

Pitts: This is an excellent observation, and it does reflect one of the tensions in business education. One way the schools try to bridge the gap is through the case studies, which deal usually with real business problems. Some schools, the elite ones, try to invite executives into the classes who have some knowledge of the specific cases to give the classes a real-life sense.

More and more, you see practising and past executives lecturing in business schools. Many of the schools have a constant flow of top business people for seminars and lectures. And many programs are deftly mixing classroom training with internships. In these internships, there is an effort to integrate the classroom activity with what's being taught in the schools. The walls are coming down, and there is greater flow between real-life practitioners and the academics — many of whom have a good blend of theory and practical experience. But it is a continuing challenge.

M A from Toronto Canada writes: Mr. Pitts, I graduated with a degree in the sciences and am currently taking Economic and Accounting courses in preparation for an MBA degree. I have spent 6 of the 7 years since graduating in the Food sector rising to Head of Technical Services in a small manufacturing company. I am now in a Manager role with a national grocery chain.

I am currently looking for opportunities to transition into a role that will give me access to leadership opportunities where my big-picture thinking and strategy development traits can be better developed and utilized. Is an MBA the right course for me, or am I better off learning the ropes from within?

If MBA is the right course, would I be better off taking a year off for an MBA or going through a part-time or online program? Thank you, M from Toronto.

Pitts: You are clearly a great candidate for the right kind of MBA program. You have mastered a technical discipline and now you want to lay on the added virtues of being a leader of people and strategy. The MBA would be not only good training but it would signal that you are serious about leading. I am the last person who would advise you on the right program, but you should be researching the various MBA programs for the one that delivers the big-picture goods for you. Also consider the quality of the networks you would build.

Can you afford to take a year away from your job? Are there family obligations? Would your employer help subsidize an EMBA? More and more, people find they have to pick up the full cost. Can you afford that? Given your strong career track right now, the part-time program may be the best option, so you don't lose the momentum. All things to consider.

I'd love to be in your shoes. Good luck.

Mohammad Reghabi from Toronto Canada writes: Of all the business schools in Canada, which one offers the most valuable MBA program/specialization for the current economic climate and why?

Pitts: Mohammad, I would not recommend one over another. Some schools are devoting big parts of the curriculum to more ethical, principle-centred leadership.

But we still need people who are good finance professionals and strategists. I know finance is losing its appeal in the short term but we will still need finance people in the future — if only to help us get out of this mess. Look for programs that are strong in functional training — but with required courses in leadership and sustainability. This latter aspect is no longer a frill.

Geoffrey Graham from Canada writes: For someone interested in working in health care consulting with a firm such as Deloitte or McKinsey, would you recommend an MBA with health specialization or a more specialized masters such as a masters of public health (MPH) or masters in health policy and management? In your opinion, is an ivey-league education worth an extra $40k as compared to an education at a top Canadian school?

Pitts: Geoffrey, I don't feel entirely qualified to provide direction on the first question. I would imagine the major consulting firms recruit from both streams, with the final choices very much determined by the quality of the person.

The Ivy league puts you in a strong position because of the quality and global reach of the recruiting firms and personal networks. Also, the name brand appeal. The top Canadian schools give you a great education, and a good exposure to employment opportunities. It depends how you rate these elements.

Robin Poirier from Kamloops Canada writes: The top rated schools are highly sought after and come with a large price tag. There are many schools which are much more affordable but don't make the international rankings. Is the increased price tag and potential personal debt to attend the prestigious schools worth the value in the long run? Or do many of the more unrecognized schools produce similar results for their alumni?

Pitts: Rankings are not a perfect way to judge business schools. Not all schools participate in rankings surveys, or if they do, they are very selective. The high-tuition schools have to try to rate highly in the global rankings to attract those international students who follow rankings very closely. But good regional MBA schools can do just fine. You may not get an elite job but it could boost your employability in your own market. Also, talk to recent alumni, and not just boosters, but people who can give you the straight goods on what the program meant to them.

Greg Zbikowski from Waterloo Canada writes: Which MBA concentration offers the best opportunities for advance and increase in compensation? What do you think about a concentration in Operations or Supply Chain Management offered by WLU?

Pitts: Finance was on top and it will be again. But there are all kinds of niche specializations that will do well. I think we are entering a period of more practical business, and you can't expect the big bonuses and stock options. There will be value in programs whose grads deliver higher productivity, cost controls, and efficiencies. Companies will be looking for bottom line results, and programs like WLU's — and many others — could be quite appealing.

Ron Lalonde from Canada writes: I am late 30's and owner of a small engineering/construction company with annual rev. of $3M Cdn. I have an Engineering degree and Economics degree. I am thinking of completing an EMBA to 1) increase business knowledge to expand the business and 2) increase personal marketability. Is there a return on this large investment?

Pitts: "Return" is a hard thing to measure. I would think you are a great candidate, but can you afford the distraction from your business? Even an EMBA requires a lot of work, and the price tag, as you say, is high. Look for a program that really speaks to your needs — how to grow an entrepreneurial business. Like any program, it is what you make of it.

Smooth Moose from Toronto Canada writes: How much is the Pedigree of your MBA school worth? Especially if you want to work outside of Canada?

Pitts: Name brand is very important, particularly outside the country. Also, that global network of fellow alumni. Hard to put a dollar value on it but it is critical for international careers.

Kumaran Nadesan from Toronto and bemnet tesfamicael from Edmonton Canada ask: Would you recommend a CFA/CA or MBA in the current job market and why?

Pitts: It depends on where you want to end up. MBA probably has a bit broader wingspan for general managers. The combination of the CFA/CA and MbA is pretty powerful in any market, up or down.

bemnet tesfamicael notes: Seems like a CA can do almost all that an MBA can do.

Pitts: I agree, particularly in these times. But the MBA adds a stronger element of general management. Again, where do you want to be in 10 years?

Fady A. from Toronto Canada writes: Is it true that MBA is losing its status of being the most prestigious graduate degree for other graduate accreditations such as CA, CGA, CMA and CFA? Do you have stats or research done showing this trend or numbers arguing against this claim? Thank you.

Pitts:I have no stats but there is anecdotal evidence that this is happening. I think people pay too much attention to what is fashionable and trendy, and often avoid the key question: What do I need for the career I want? What is the best building block for the next 20 years?

Jason H from Halifax Canada writes: With all the emphasis on globalization and the global effects this recession is amplifying, should we be thinking about obtaining a Masters in International Affairs instead of an MBA which is often general? Getting educated on how the business world works through an IA degree seems the smarter option these days in my opinion. What do you think?

Pitts: I like this kind of thinking. I think companies are looking for people with a broader sense of how the world works. They are looking for leaders who understand the international arena, not just those who have some finance and marketing training. I am sure the hiring companies will train you in the particular discipline, maybe even through an EMBA.

But also look at the options for combining an MBA with an international business specialization or an MBA with an international economics masters. I'm sure these things exist.

Pat Smith from Toronto Canada writes: Mr. Pitts, in your opinion, of the premier Ontario schools (Toronto, Ivey, Queen's), which would be best suited for someone targeting a career in strategy consulting?

Pitts: All are good. Check to see where the major strategy consulting firms send their recruiters every year.

Craig Smith from Canada writes: Hello Mr. Pitts, I am currently carving out a career in the not-for-profit charitable world, environment sector. While the level of business experience certainly would vary across the various charitable sectors, the level of business training and experience in the environmental field is low. In your opinion, do you think the teachings of an MBA are transferable to the management of charitable entities and can you offer specific skill sets that may/may not be garnered from an MBA program that are used in the charitable world?

Pitts: I think the non-profit sector needs a strong injection of professional management with the kind of skills you might get from an MBA or an undergrad business program. Non-profits are a huge and growing sector, but my understanding is that management skills are widely varying. Note that an increasing number of MBA programs are adding courses and specializations in non-profit management.

The people who work in non-profits are often motivated by other things than a paycheque. They are committed and cause-driven. I think special leadership skills are need to manage that work force. Also, you need different skills in fund-raising and finance than in a typical company. The stakeholder groups are very influential and need to be constantly reassured. The classic MBA might not meet all those needs, but there are more and more specialized management programs that try to address them.

Afghan Torontonian from Canada writes: Hello, Mr. Pitts, thanks for taking the time to answer my questions. I want to know your opinion about the executive MBA programs, in view of their high cost. I realize that it's an investment but is the cost justified in the short to medium term? Is there any incentive in looking @ joint U.S.-Canadian EMBA programs such as the Kellogg/Schulich program other than the double degree recognition? And, finally, what's your opinion on the case study methodology versus the classic MBA curriculum?

Pitts: I wonder, too, about the value of these programs in the short term. Of course, if your company is willing to pay the bill, it all adds to your credentials. Definitely look at the options of the dual U.S.-Canada programs. There are not many, but they do expose you to another business school brand and different teaching perspectives.

Every MBA program should contain a case study element. I'm not sure it needs to be the dominant style of learning, but you can't argue with the success of Harvard and Ivey in turning out marketable graduates.

Varga: I'm afraid we've run out of time. Apologies to all those people who couldn't get their questions answered. Thanks again for your time, and thanks to readers for your questions.