Watch CBS News

Even With MBAs, Job Candidates Face Tougher Prospects

CHICAGO (CBS) -- During the height of the Wall Street rush in the 1980s and the Tech Boom in the late-'90s, those with an MBA had elite status, a ticket to a better job and a fat paycheck.

But as the economy declined in recent years, the demand for the degree dried up -- along with the jobs. That's why many students are asking: "Is an MBA worth it?"

That was the question Friday at the Midwest MBA Career Fair at the Sheraton Chicago, where more than 1,000 MBA job-seekers filled the hall for a precious opportunity to meet with just 20 corporations.

Ron Watkins, an event organizer, said students from 10 different schools were represented.

One of the prospects is Sharma Nikhil, an MBA student from the University of Minnesota who is hoping to start a career in Information Technology. He knows he will have to be flexible.

A Wall Street Journal article says the cost of an MBA has surged since 2005, up more than 40 percent for tuition and fees. Meanwhile, the expected salary for graduates shows only a 13 percent increase.

Yet most remain optimistic.

The MBA will always remain significant, but even the brightest may have to make concessions.

"We are seeing students with several years in the working world now going back for their MBA who are willing to come in for an internship or entry level position just to get their foot in the door," State Farm Insurance recruiter Jill McCrory said.

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.