MBA is it still relevant?

Noticed that some of my circle were still chasing the MBA prize, and wondered is it really as big a thing as it used to be, and more importantly does it still have a positive effect on your career. Well I am sure as these people are intelligent  they would not be there in the first place if they had not reasoned yes, given the cost and time spent. From my point of view I believe it is the process of the MBA rather than the outcome that is always the win, it is the network created off the back of the travelling and the course that really gives you the lift.  

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