I call this question the Arindam Chaudhuri question, and the value I give to it is the same as what I give to Arindam Chaudhuri and his opinions- ZERO.
You will definitely be knowing Arindam Chaudhuri. He's the perennial 'Dare to think beyond the IITs/IIMs' guy. What really makes him think that his IIPM is beyond either of them is a point to ponder. Anyway, so he, as far as I know, threw this two pence worth question. It was then picked up by people from other fields and even the movie 3 Idiots. People doing an MBA after engineering have been called everything from idiots to gadhas (donkeys).
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Firstly, many people claim that business has got nothing to do with engineering. And they ironically proclaim that on the internet! So many technology based companies got where they are with absolutely no knowledge of engineering?
Secondly, if this was indeed the case then business should be done only by people who have got a bachelor's degree in it, namely BBA. Why do I, then, never hear this question being asked about commerce or arts? If business isn't only about engineering, is it only about commerce? And arts?
The simple truth is that there are more tech-based companies out there. An MBA is about a degree of management, not about working in a bank. You can't expect an engineer to remain a technician for all his life. Now, I myself don't plan to do an MBA immediately, but I feel for my other engineer buddies at whom this question is thrown in ridicule. Frankly, it's just that people love to get back at engineers. We would do well to remember that. So the next time someone says that to you, dismiss it as you would dismiss a gadha's braying.