Interestingly, many business schools - especially those in Hong Kong - agree. While most recommend that university graduates work several years before enrolling in an MBA, many actually require it. The Henley Management College, for example, requires that prospective MBA candidates in its Hong Kong programme have at least three years of post-graduation professional experience.

'One of the major elements for management training is experience sharing,' said Veronica Chan, the general manager of Henley Management College, Hong Kong. 'Others' experiences on how to deal with management issues will give you real life cases.'

One of the frustrations people considering an MBA programme confront is the massive numbers of options to choose from. Nearly 100 MBA programmes are offered in Hong Kong: some by local business schools, some by overseas universities that have set up small campuses here and some by offshore institutions in conjunction with local agencies or schools of continuing education. Distance learning, or studying overseas, is another choice.

According to Liddy Korner, associate director of the Australian Graduate School of Management's Hong Kong MBA programme, the most important thing to consider is not so much where the programme is based but the access it provides to resources, faculty and other students. For this reason, she believes on-campus learning is the way to go.

'Face-to-face classes enable students to inquire, debate and interact in a meaningful way,' she said. 'Networks are built in the classroom and grow from there. When students have shared the MBA experience, they tend to build strong relationships that endure well beyond graduation.'

Another key consideration is to study where you are working or, perhaps, where you plan to work. 'Studying in the country you are working in adds great value and relevance to your MBA,' Ms Korner said. 'You can apply what you are learning to your workplace, economy or government.'

Offshore programmes are best when they are customised to meet local needs. 'There is a practical relevance using local business practitioners and partners,' she said. 'However, some MBA courses are global in their content and can be transferred across international boundaries.'

Chris Tsang, associate director (postgraduate programmes), at the Hong Kong University of Science and Technology Business School, believes locally based programmes tend to have better support in terms of libraries, information technology and faculty availability. 'Studying locally helps build the network,' Professor Tsang said. 'Class discussions will focus more on how to apply the knowledge in your own environment. If you intend to stay in Hong Kong, being closer to the job market will be a benefit and lead to more job opportunities. Going abroad would, of course, give cultural exposure if you have never been abroad before.'

Studying abroad is a popular option. In addition to acquiring valued management skills, students can also improve their English and gain insight into other cultures.

In terms of how much importance employers put on MBAs, some think they are crucial, others say ho hum.

'Success in the business world is, of course, dependent on what you know in terms of technical and functional skills, your understanding of accounting and marketing - in other words, the stuff you learn doing an MBA,' said Simon Keeley, managing consultant, Hewitt Associates. 'But the real definition of success depends on the soft stuff - effective communication skills, the ability to share what you know, whether or not others like to spend time with you.'

Mr Keeley should know. He not only helps companies sort out their manpower needs, he teaches an MBA module at one of Hong Kong's most respected MBA providers. ' In my own experience - and I teach an MBA module at Richard Ivey - the soft skills are critical,' he said. 'The actual knowledge you pick up is always useful, but it changes so fast.

'Your thinking style, your ability to analyse, having a good network - this is what really counts. Clients don't care if you've got an MBA as long as you do good work.'

In the final analysis, it is not so much what you know, but how you think that counts - especially in today's rapidly changing business environment. The acquisition of knowledge is important, but the ability to evaluate, process and act upon new knowledge is even more so.