Free MBA Program. The Personal MBA.

A co-worker and I are really into the personal MBA program. If you’re not familiar with it, it’s an alternative to a traditional MBA program and it’s free*. It’s free in the sense that you don’t enroll in any program, but just complete a list of almost 100 books from various categories. The program, once completed, is intended to have you on par, if not ahead of those completing a traditional MBA program. The question to ask is not “Is an MBA worth it?” but “Is an MBA worth it for ME?”

Scott Berkun, in a recent Harvard Business article, cited the costs of MBAs as a reason to question the program’s worth:

A quick scan of BusinessWeek’s top MBA programs lists tuitions well north of $25k per year. Throw in living expenses and you’re above the average annual wage for adult Americans. For many, the choice to go for an MBA is one of the largest financial commitments they’ll make in their lives.

Furthermore, there are many in the business world that feel that MBAs have become over-valued. With the economic situation now, many employers are looking past the recent MBA grad and hiring those with experience instead. Those professionals with experience, but who also have the MBA knowledge set themselves apart from others in the field.

“You wasted $150,000 on an education you coulda got for a buck fifty in late charges at the public library.” – Will Hunting (played by Matt Damon), Good Will Hunting

MBAs are great if you’re going to be directly using it in the career you settle in, but not useful for most people and where they settle. I think many people who pursue an MBA do it for the knowledge that they will gain and how it will help them stand out from the crowd, rather than expect themselves to actually use it day-to-day. If this is the case, they stand to benefit more by completing the readings from the personal MBA program and get their degree or certificate in something that will give them better skills in what they want to do.

The Personal MBA (PMBA) is a project designed to help you educate yourself about advanced business concepts. This manifesto will show you how to substantially increase your knowledge of business on your own time and with little cost, all without setting foot inside a classroom.

The PMBA is more flexible than a traditional MBA program, doesn’t involve going into massive debt, and won’t interrupt your income stream for two years. Just pick up one of these business books, learn as much as you can, discuss what you learn with others, then go out into the real world and make great things happen.

I believe that with the knowledge gained from for Personal MBA, coupled with the skills from the workplace, and a master’s degree specified to your field of work, you become a much more valuable professional. You instantly set yourself apart from any other candidate that may be applying for your same position and the value you bring to any organization is greatly increased from just having the skills or the education from a regular MBA.

I’m a ways into the reading list and enjoying the process. I look forward to learning more and completing the list.