Controversial Study Questions the Value of an M.B.A.

Although master's programs in business administration continue to attract record numbers of applicants, little evidence exists that the degrees enhance people's careers or earnings potential, a Stanford University business professor contends in a controversial new report.

The professor, Jeffrey Pfeffer, examined 40 years' worth of studies that purported to prove the economic value of an M.B.A., which can cost $100,000 or more at an elite school.

"There is little evidence that

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