When Katrice Miller first began coaching professionals nearly two decades ago, the MBA was considered a golden ticket to success. Now? The shine has dimmed—but the degree isn’t obsolete. It’s just more complicated.
“There’s still value in an MBA,” said Miller, a veteran career and business coach. “But more than ever, experience is holding more weight than the letters after your name. The real question is: does an MBA align with your career goals—and is it the best path to get there?”
For Black women, the calculus can be even more layered. Though graduate programs boast growing diversity, elite MBA programs have long been critiqued for not being built with underrepresented groups in mind.
“I’ve worked with clients who felt isolated or unsupported in their MBA programs,” Miller tells ESSENCE. “They thought the degree alone would guarantee a foot in the door. But I always tell them—getting the degree is only part of the journey. You also have to learn how to navigate the system while you’re in it.”
Degrees vs. Deliverables
In today’s shifting labor market, employers are increasingly prioritizing real-world experience over advanced degrees. “If it comes down to someone with an MBA but limited experience versus someone with years of experience and no MBA, the experienced candidate usually has the edge,” Miller explains.
While MBAs can still open doors in finance, corporate leadership, or consulting, professionals are no longer guaranteed upward mobility simply by earning one. “We’ve moved from a degree-first to a results-first mindset,” says Miller. “Employers want to know if you can problem-solve, lead, and execute—skills that often come from doing the work, not just studying it, especially when the degree programs are so expensive.”
As Pepperdine points out in a report, the cost of MBA programs can vary dramatically depending on the institution and its location. The university says that top-tier business schools in the United States, such as Harvard Business School and Stanford Graduate School, can command tuition fees upwards of $100,000 per year.
U.S. News & World Report released recent data that shows year-over-year declines in minority enrollment at a wide majority of top-ranked U.S. B-schools. What’s more, as Poets&Quants points out, universities like Florida’s Warrington College of Business saw a 13.4-percentage-point drop to just 14% minority representation.
If You Still Want the Degree—Strategize Early
For those considering an MBA, Miller emphasizes the importance of being proactive during the program—not just after graduation.
“One of the biggest mistakes I see students make is waiting until after they graduate to start networking,” she says. “You need to be building your relationships as soon as you walk into that classroom—or log into that virtual portal. LinkedIn, conferences, professional mixers—those are as critical to your success as your final GPA.
And despite the elite branding, even top-tier programs aren’t one-size-fits-all. “Before you apply, ask yourself: is this degree the only or best road to your goal?” Miller says. “Sometimes a certification, a specialized boot camp, or even mentorship can get you to the same place faster—and cheaper.”
She also points out that certifications are a good alternative to an MBA.
While there isn’t a direct “certificate equivalent” to an MBA, several professional certifications and other programs can offer similar career advancement benefits. These include certifications like chartered financial analyst, certified public accountant, chartered global management accountant, and specialized master’s degrees (like an MS in a specific business area).
The Millennial Shift: From Hustle to Harmony
Miller, who works primarily with mid-career professionals, says she’s seen a shift among millennial clients—from a “hustle hard” mentality to one that prioritizes intention and quality of life.
“They’re no longer chasing degrees and job titles just for clout,” she says. “They’re asking: what kind of life do I want? And will this degree help me live it?”
That sentiment is increasingly echoed online, where career influencers and hiring managers alike are downplaying formal credentials in favor of demonstrable skills. “I’ve seen people on social media say, ‘I don’t care about your degree if you can’t do the job,’” Miller says. “And honestly? That reflects where we are.”
Know Your Why
If you’re unsure whether the MBA route is right for you, Miller suggests starting with a single question: What are you trying to accomplish—and is an MBA the only way to get there?
“If the answer is yes, go for it,” she says. “But if there are other, more cost-effective paths that get you the same outcome, explore those too.”
In an age where outcomes matter more than optics, the value of an MBA isn’t just about prestige—it’s about purpose. And for Black women navigating systems not built with them in mind, that clarity of purpose has never been more important.
