This question comes up periodically, and it's the subject of a post recently by Arik Hanson on the Communications Conversations blog.
Arik questions the value of an MBA for a PR person, simplifying it (possibly in an attempt to be funny or cute) to three reasons people in PR might pursue an MBA...
1) They're bored;
2) They want a corner office;
3) They're not sure what to do next.
I think Arik does a disservice to young people in PR who are considering getting an MBA. First of all, there are many other good reasons to pursue an advanced degree and an MBA can actually enhance a career in PR. Arik says the cost of getting an MBA doesn't pay off in terms of added income. I disagree. He even compares a PRSA-sanctioned APR certification to having an MBA, which is so wrong. The two are not even close.
So I'll list three good reasons that someone in PR SHOULD consider going for an MBA.
1) Having an MBA might get you a better job, or even a job in the first place.
In today's crazy competitive job market, the MBA credential can make you stand out from most of the other job candidates you're competing against. I got my second job in PR specifically because I had an MBA and the folks who hired me felt I'd be better able to deal on an equal footing with the young MBA types who were in the clients' marketing departments. I beat out some people who may have had more PR experience than I did, but I had that MBA and the others didn't. I ended up growing with that agency, becoming senior VP and a part owner of the shop.
2) An MBA gives you a better understanding of business -- economics and finance, strategic planning, ROI and many other things that marketers and C-level executives understand and deal with on a regular basis. Having some idea of what they're talking about -- and what they need and why they need it -- enables you to do a better job that contributes to an organization's overall objectives. It's often about more than publicity and press clippings.
3) Education never goes to waste. What you learn as you pursue an MBA may not always bring benefits that are readily apparent, such as a big jump in your pay check. But what you learn as you pursue your MBA (or any advanced degree, for that matter) will help you in ways you just can't imagine or anticipate now. Trust me on this.
So, if you want to commit the time (and the money, unless your employer wants to kick in), go for it. There are many schools now that offer an MBA degree with a Public Relations or Communications emphasis. Back when I got my MBA, my grad school was one of only two or three in the country that offered an MBA in Public Relations. Times have changed; take advantage if you can.