Is the MBA still relevent?

There is some speculation on whether the MBA is still relevant, if not, what will replace the qualification as the leading indicator of business acumen?

An MBA is a very generalised qualification engaging in the broad disciplines of strategy, leadership, marketing, human resources, operations, organisational behaviour, finance, accounting, economics and ethics.

The Harvard model was predominately case study based; now MBAs can be completed by coursework or research, theoretical examinations, projects and other methods. I sometimes wonder if the original model has been changed to such an extent that it no longer defines the intent of the original qualification.

The purpose of an MBA program to participate in an academically grounded program applying critical thinking techniques to view and solve problems from theoretically grounded frameworks to provide solutions of managerial problems. Do other business based master level programs not provide the same conceptual framework?

The purpose of the case study method was to investigate real world problems with the student forming the role as the decision maker.An MBA was once a point of differentiation in the marketplace; it was a relatively tightly held qualification, now many variations exist ranging from the regular MBA to the executive MBA. Is the actual marketplace flooded with MBAs?

Is the MBA the most sought after post graduate program? Now a master of business administration can major in areas such as commerce, economics, finance, accounting, oil & gas, strategic procurement, business, leadership, human resources, project management, international business and organisational development. Has the trend to specialise the MBA program undermined the core outcomes of the qualification? How does an MBA majoring in HRM differentiate itself from a Master of HRM?

Many specialised masters degrees are now available from a Master of Accounting, Master of Marketing, Master of Finance, Master of Human Resource Management, Master of Business Leadership, Master of Organisational Leadership, Master of Economics or Master of Information Technology (Business). The list is extensive and one wonders if a Bachelor of Business or Bachelor of Commerce does not provide the necessary conceptual capital and skill sets.

I am looking at undertaking a graduate certificate in management, undertaking four units in a post graduate management qualification to supplement a recent bachelor degree. Research is indicating some programs are reducing the qualification from 16 units to 12 units.

There is also a growing consensus that unless a graduate wishes to become a management consultant; the investment in time and money in an MBA program could prove to be a costly couple of years.

This doesn't even take into account the institution where the MBA was studied; a Harvard, Wharton, London Business School or INSTEAD MBA are world famous. In Australia, the Australian Graduate School of Business (University of NSW), Melbourne Business School and Macquarie are all top performing universities requiring substantial investments generally in the $50,000 range.

However, some of the second tier universities in Australia off the MBA in the $15,000 price range, but do employers rate the qualification? My concern is, after such an investment, would I really be more employable?