I think there is a major component to the MBA program that is missed in these comments, at least based on my experience getting one almost 30 years ago. That is, going through an MBA program is (potentially) an efficient way to do a career change, post-college. The majority of my classmates, including myself, were trying to move from one career to a completely different one. In my program, the majority of fellow students had graduated college as engineers, did it for a few years and didn't like the work or the pay, and decided, rationally, that they could use their math skills to make more money in finance. And the MBA program, in addition to providing both a broad set of overview business classes and a few more in their area of focus, ends with a recruiting program where the graduates are basically getting a do-over.
If you were an engineer four years out of college, working at HP, and wanted to become an investment banker, how else would you break into the field? You can't just email Goldman Sachs and ask for an interview and say you've read some finance books. The MBA program gives you the do-over pass, and most of my classmates did it for this reason. Separately, back then it was really cheap (mine cost a total of $10k, and my salary in my new field was $50k higher) so it was usually worth the money. At current tuition prices, the deal may not be as clear. Anyway, I think people asking "couldn't you just learn accounting in night classes?" are missing the point of the program: Learn something new PLUS get a career do-over without penalty.
If you were an engineer four years out of college, working at HP, and wanted to become an investment banker, how else would you break into the field? You can't just email Goldman Sachs and ask for an interview and say you've read some finance books. The MBA program gives you the do-over pass, and most of my classmates did it for this reason. Separately, back then it was really cheap (mine cost a total of $10k, and my salary in my new field was $50k higher) so it was usually worth the money. At current tuition prices, the deal may not be as clear. Anyway, I think people asking "couldn't you just learn accounting in night classes?" are missing the point of the program: Learn something new PLUS get a career do-over without penalty.