Five years on, life hasn't turned out as planned for many business-school alumni

Is it possible that with the increasing numbers of MBA graduates the extras are of lower cailibre (no offence meant, my own MBA is not from a top rank school!)? One of the reason MBA's earnt high salaries was they were very able people who had added specialist education to their talents. The degree may have been valuable, but the ability of the holder was crucial.

Just now, in the UK, we have silly people saying we need more graduates, as if graduates are an intellectually homogenous group, as if a degree programme can take in people of moderate intellect and them into a highly talented persons. They quote the higher earnings of grads. -v- non-grads. But their comparisons are based on data from the days when degree programme entry was highly selective; degree study took intellectually able students and enhanced their talents. The barmy socialist idea that we should have higher education for the masses is ideological, egailtarianist carp.

http://www.grin.com/e-book/148269/unemployed-mba-graduate-diary
I wrote a book about being unemployed after an MBA, hopefully it can help students deciding on their career paths.

Having observed more than a few MBA bearing consultants, and reflecting back on my own collegiate experience, I can make one general assertion about the MBA.
It seems that an awful lot, if not a majority, of folks with MBAs have a "Master of the Universe" complex combined with virtually no practical real world work experience.

I never expected the Moon after my MBA (from a leading global school) but found that working for a small company has been rewarding in all senses. I agree with Native Son's assertion about MBA grads, up to a point: many do have inflated expectations (let's face it, an MBA is no longer anything like as rare as it was in the 70s or 80s), but the bit about "virtually no practical real world work experience" is a comment that applies only really to US programmes nowadays; European schools, like mine, insist on at least a few years' experience, often many more, in a role(s) that involves at least some managerial responsibility, before they will entertain your application.