The replacement to MBA programs isn’t what you think it is
Slack as the MBA killer? It’s possible
The value of an MBA (Masters in Business) degree is constantly under question. And for good reason. 2 years of classes (and up to $200K+) is a big investment.
Entrepreneurs have come out with cheaper innovations. There’s Mark Ritson’s 10 week mini MBA program. Seth Godin’s month-long alternative MBA. Even various MBAs in a book. These programs cover much of the same material as a business degree. But is that why people go to business school?
Not really. The value of the MBA degree is in the network. Since leaving London Business School, I have received job connections, freelance opportunities, and invites to weddings across the globe… where I have made more connections and friends.
Would-be MBA students aren’t looking for a cheaper MBA. The top MBA students aren’t at least. They have good job prospects. They want to invest in something that will supercharge those prospects further. The MBA killer won’t be an online accounting course… it will be … Slack.
Slack? What?
Since moving back to New York, I have joined a number of digital and physical membership clubs. These clubs offer access to a new network. Events. And best of all — people willing to help each other out.
School pride can be irrational. But it works. I will help out someone from LBS or WashU because we both went through the program.
In one of the Slack channels I am in, members include successful founders, agency creative directors, and venture capitalists. The help-wanted channel is one of the most active — with a consistent flow of people asking for advice, jobs, connections, short-term housing, and travel recs. Posts aren’t left to shrivel up and die in a digital graveyard. People respond. At the very least, others say that they too want an answer to this problem.
The Share-your-project channel is equally active. Members post their wins — receiving a flurry of fire emojis, congratulations, and typically, offers to amplify their work further in response. It’s not just a Slack group. It’s a community.
I will say that this particular Slack community requires an application and membership fee. But compared to an MBA — the cost is paltry. And, often, the ‘admissions filter’ is part of the allure. Saba Ahmed, founder of a new platform for community leaders, found that people prefer communities with a filter:
One of the interesting things I learned during user testing is that people prefer communities that require applications to join…It creates higher perceived value. — Saba Ahmed
Admissions is part of the brand of Harvard’s MBA as well. It’s not that Harvard’s MBA program is necessarily the best education (if it was, how come we can supposedly buy it in a book at the airport?). It’s that you have been vetted. You’re part of an elite group, selected for your past success and future potential. And anyone who completes the program has access to all the other Harvard vetted alumni… making them even more valuable.
The next MBA: Membership clubs?
While living in London I became acquainted with the membership club model. Soho House originated in London, and now has 10+ locations around the greater London area, along with outposts around the world. Upscale clubs like Annabel’s, The Arts Club, and 5 Hertford offer members a place to work, eat, party, mingle, and impress friends and non-members with an invite. The model is taking root in New York, with spots like Neue House, the Ned, Casa Cipriani, Zero Bond, Aman, Casa Cruz, and ZZ’s coming on the scene in the past few years.
[ZZ’s] Carbone Privato offers “culinary concierges,” employees meant to fulfill members’ any wish or desire, be it arcane ingredients and dishes or nostalgic throwbacks. “We’re a Japanese and Italian restaurant, but my really, really experienced chefs can make your mom’s meat loaf, too,” Carbone says. — Grub Street
