I've been considering going for an MBA as an attempt to wait out this financial downturn, and have been reading a lot of criticism regarding business schools - that they're out of touch, that an MBA degree has become more of a commodity than a practical experience, that rankings are fundamentally flawed, etc. And I've come across this fascinating blog from Harvard Business School - "How to Fix Business Schools:"

http://blogs.harvardbusiness.org/how-to-fix-business-schools/

I've skimmed it and they seem to bring up some good ideas. What are peoples' thoughts? Do business schools need to be fixed? I guess I understand the practicality of having a degree, but am unsure whether it will actually help me in furthering my career.

Nah, I just think it's just a branding issue - the business school equivalent of Walmart asking "how can we be more environmentally friendly" or something like that. Business schools have gotten a lot of flak because some of the alleged and convicted white collar criminals were MBA grads. I really doubt it will affect the value and reputation of an MBA overall. In my opinion, business schools should constantly be looking to renew themselves, crisis or no crisis.

That thought honestly hadn't occurred to me - that white collar criminals like Bernie Madoff might have caused some backlash against MBA programs. I was thinking more of the practicality of the actual programs - but you are right, in either case schools like Harvard would look at it as a public relations issue, which is unfortunate.