IntroductionThe importance of having an MBA for a successful career has been widely debated since its first introduction in 1900. The purpose of this essay is to determine whether an MBA degree is essential for a successful career in business or maybe there are other factors like experience which is more important than mastery of business degree. The price of getting an MBA increases every year, while at the same time the return on investment (ROI) decreases significantly. (Byrne, 2012) Although obtaining an MBA is becoming more expensive, the MBA degree is still vital in today's competitive world because not only can it potentially improve management skills, but it can also increase confidence which cannot be expressed in the form of currency . The MBA is a stepping stone to a successful career. Experience vs. MBA Degree Some people believe that having good work experience is better than having an MBA degree certificate. According to a Qantas spokesperson, “We think of executive development as 70% from work experience… and only 10% from formal development” (Financial Review, 2013). Work experience is important but mastery is equally important. Without theories and knowledge experience is limited. Experience cannot be expanded when theories are not applied. But theories without experience are also useless because one may know all the management theories but may not be able to apply them in the real world. Both experience and theories are equally important. (Gosling and Mintzberg, 2004) Experience cannot be measured, so it is difficult for employers to judge qualification solely on the basis of experience. You can record experiences, but it can... middle of paper... ew, 2013) The alumni network can open up new opportunities such as starting an entrepreneurial venture. If the MBA is measured in monetary terms, people argue that it is no longer worth getting an MBA because the return on investment to get an MBA is very low. But factors like trust and networks cannot be monetized. For some people the benefit they get from trust and networks outweighs the cost of getting an MBAConclusionIn conclusion, to some extent mastering your business degree is essential for a successful career in business. The MBA may not significantly improve your chances of getting hired or job performance, but it can significantly increase confidence, which for some people is invaluable. Work experience is important for a successful company, but it is no more important than having an MBA. Both work experience and having an MBA degree are essential.