In this Big Think video, Thomas F. Cooley, Paganelli-Bull Professor of Economics at the Leonard N. Stern School of Business at New York University, as well as a professor of Economics in the NYU Faculty of Arts and Science, explains how the MBA degree can help future business managers.

There are a lot of benefits of getting a business education, Cooley says, but typically the people who choose to get an MBA do so because it gives an extra boost to their careers. In addition, they want to have a deeper background and insight about management. The MBA is a degree in general management, so not only does it give lots of specific skills in areas like finance and accounting, but it also provides broader perspectives on leadership and managing organisations.

Can business be taught in the classroom?

It used to be the case that business education was in some sense largely vocational, but it’s really not like that any more, according to Cooley. It really is about developing the ability to think analytically, critically, historically and ethically about the world of business, and there is much more to it than you would get from an apprenticeship model.

Are MBA graduates better prepared?

They actually have a better frameset of analytical skills and tools, Cooley says. All MBA programmes offer that. The very best ones, in addition, offer broader perspectives about the place of business in society. It also has to be pointed out that MBA graduates have been enriched by being educated at a place where new knowledge is being created.

Cooley’s take on the benefits of an MBA degree is worth seeing, especially if you want to make an important decision about your future education.