Here’s Why an MBA is Still Worth Pursuing

MBA applications have tanked in recent years. Many experts cite the high cost of the degree and a strong job market as reasons for the decline. Still, the degree has its benefits.

Fortune recently spoke with experts on why prospective students should consider B-school and how the MBA degree still holds value in today’s market.

A STRONG FOUNDATION

Business school can offer students an expansive education in all things business—from finance to strategy. And while B-school itself is only two years in many cases, the skills you gain can be applied for many years to come.

“We’re going to enable you to be a lifelong thinker,” Russ Morgan, a professor and the senior dean for full-time MBA programs at Duke University’s Fuqua School of Business, tells Fortune. “And so the critical-thinking skills are going to translate to maybe complex personal or other situations that you might have.”

On top of critical-thinking skills, B-school is also an education on how to be a great leader.

“One of the main focus areas of any MBA program is leadership,” Stacy Blackman, founder of Stacy Blackman Consulting, says. “All schools are going to cover case studies and have guest speakers. You’ll also do role-play exercises and have experiential learning opportunities to help you understand leadership’s different aspects and discover your leadership style.”

CONNECTIONS FOR LIFE

For many, business school isn’t about what you know but who you know. With hundreds of networking events, business schools are a breeding ground for connection and innovation.

“A lot of times in our lives, we’ll surround ourselves with similar people,” Michael Kirchner, an MBA candidate at the UCLA Anderson School of Management, tells Fortune. “You’re opting in, when you come to business school, being surrounded by very dissimilar people in a lot of ways.”

And often, these professional connections become connections for many years to come.

“One of the indirect benefits of coming to business school are these networks for life,” Morgan says. “What I’ve seen after a career in higher education, these students connect so well or they’re here and appreciate each other in a way that they become friends for life.”

Sources: Fortune, Stacy Blackman Consulting, P&Q