Should my friend get an MBA?

If most of the jobs he wants require and MBA, he should get an MBA. If those jobs mean higher pay, he'd benefit financially, not waste money, especially if it's from a top-rated school.

My MBA-having SO sez: If you can find a job that'll pay for the MBA, do it.

No degree, no matter how prestigious, is worth taking on debt for these days. IMO companies are a lot more interested in actual experience above all else. The Ivy Pedigree carries weight but it's not like it used to be.

Your friend is over-thinking pretentious-ass concerns. Pretentious asses are generally pretentious asses, MBA or no MBA. MBA's, especially full-time programs, are far more valuable when coming from a top-tier school. Companies might be willing to hire a non-MBA, but then your work history must be stellar, and someone at the company must be willing to fight through the HR red tape to get them hired. The MBA is a signal on a number of levels. Paying for the degree is a challenge, yes. But if you can figure out how to pay for it, go. Just make sure to ask for the pretentious-ass cootie shot during orientation.

If your friend has about five or so years work experience, or is willing to wait until he does, he can get an executive MBA. They are more expensive on a per-year basis, but faster. Basically, your friend's business skills are irrelevant. As swngnmonk said, the MBA is a signal. In part, its purpose is to tell prospective employers that your friend shares their values (or will fake it) and is willing to slog through a couple of years of business school to prove it. For certain roles and certain industries, the MBA is the price of admission. There is no other certification that sends the same message. More generally --- for the past five or 10 years, MBAs have been gradually, slowly, diminishing in value. But I would put that in the "price of admission" bucket -- where having an MBA used to distinguish the holder as unusually well trained in certain areas, more recently business schools have been churning out increasing numbers of them -- including the newer variants like executive MBAs, which often have slacker requirements. All that has tended to water the wine. I wouldn't be surprised to see their value diminish further in coming years, in part because Obama is tilting attitudes towards public service, and in part because of the financial meltdown. Your friend's comment about pretentious asses is interesting -- kind of angry and strong. That suggests he's conflicted at a pretty deep level, and might want to do some thinking about his motivations, values, etc. Most business schools will let you attend a trial class to see what the fit feels like: maybe he should consider that.

If you can find a job that'll pay for the MBA, do it. Keep in mind that employer tuition benefits above $5K or so (can't remember the number anymore; it's been two years) are taxed as income in the USA. And, yes, you ultimately deduct the taxable reimbursement, but still. The benefit might also tether you to the employer for a time after graduation. If you leave the job before the time's up, you'll probably pay.

Counter argument- now is a great time to take on debt as an investment in the future, precisely because other people can't or won't do the same.

If he's looking to change careers the prestigious undergrad degree isn't terribly helpful. If he got into a top 5 school and has a clear sense of what he wants to go into (and most of those people have MBA's) then he should go to school. The return on investment of a top 5 MBA program for a career changer is very high. The diminishing returns as you go further down the prestige scale are tremendous though. And yeah there are tons of annoying people at those schools and some really normal interesting folks. He'll find his niche. He's got kind of a flaw in his logic if he thinks he wants to do career X and needs an MBA to do it, but isn't sure if he wants to get an MBA because of all he douchiness. There is a huge difference in value between a top five full time program and an executive program. Especially if you are looking to change careers Also I am the only person in my firm w/o a top five MBA - and all of them will tell you there isn't much you actually learn at the H/S/W of the world. Its about the credential not learning. What he knows about business actually doesn't matter that much. I went through this whole process myself - admitted to a few top 5 programs decided not to go because I realized I wasn't interested in a career change - but I even went so far as to put a deposit down at one of the schools before I realized it didnt really make much sense for me to go. I too went to a fancy undergrad, had a bunch of industry specific credentials and was generally thought of as very good at my job - and none of that mattered in the calculus of deciding whether to go back to school.

If he can get someone to pay for it, then absolutely yes, especially if he can get into Wharton, Kellogg, Harvard, etc. That said, as above, most of this is purely a door opener. My understanding is that a tier-2 MBA or below really isn't worth it. The other path to the boardroom involves tackling larger challenges and placing those on your resume, not an MBA. You will learn just as much from library books and real-world experience as you will in Harvard. They aren't dispelling secret knowledge, just secret handshakes. Just don't underestimate the power of secret handshakes.