Research varies on the value of an M.B.A. A 2006 study by the Lubin School of Business at Pace University, looking at 482 companies listed on the New York Stock Exchange, found that only 162 of them had chief executives with graduate degrees in business. The companies with chief executives who went to more prestigious schools did no better than those who went to less prestigious schools, according to the study. Why this was so is unclear.
From this NYTimes story about the value of an MBA -- and the value of a Harvard MBA, in particular. The story itself is not all that great, but it has some interesting data, and some nice quotes. For example, Henry Mintzberg of McGill is quoted as saying, "M.B.A. programs train the wrong people in the wrong ways with the wrong consequences. ... You can't create a manager in a classroom. If you give people who aren't managers the impression that you turned them into one, you've created hubris."