Graduate business programs gained popularity after the Great Recession as exiled corporate executives sought to bolster their résumés, recent young bachelor degree recipients attempted to ride out the unemployment wave, and everyone tried to avoid the embarrassment of moving back in with their parents. For some, the many hundred-thousand dollar experiments worked. For others, they found that experience mattered more to prospective investors and employers than ever before.

When it comes to franchising, a business model that often weaves Main Street and Wall Street, which matters more: an MBA or experience?

One thing that every franchise wants is an entrepreneur that possesses two important things: capital and a mind for business. The need for capital is obvious; franchising is not an inexpensive undertaking. The need for a business mind is not so easily identifiable, which is why franchises spend weeks interviewing possible franchisee candidates. But, which is a better fit for franchising– the degree or the experience?

For some, an MBA fills the gaps left behind by work experience. Not every career path provides equal training in finance, marketing, management and accounting. An advanced degree in business can easily supplement an undergraduate degree or lessons learned on the job. The more you know certainly can’t hurt when you’re looking to become a franchisee.

Of course, getting an MBA does not guarantee any particular professional pathway. Harvard Business School, which has produced what some of the most prolific business minds of all time (Warren Adams of Patagonia; Michael Cavallo of the Clinton Climate Initiative) has also turned out some of the least successful. Of Harvard’s own list of their 19 most renowned graduates, 10 were fired and only five had clean records.

Very often entrepreneurs want to change direction after a decade or two in the same industry. If you want to change directions completely or apply your professional experience to another career, “It can be somewhat inefficient if you venture forth on your own and have to learn everything as you go,” said Thomas Robertson, dean of the Wharton School of Business at the University of Pennyslvania, in an interview with Entrepreneur magazine.

Something that MBA programs offer that most jobs do not is business knowledge and experience on a global scale. As so many franchises head overseas to Asia, South America, Europe, Australia and Africa, an understanding of the global economy is becoming increasingly valuable. For example, McDonald’s operates an average of 31,000 units in 118 countries bringing in $41 billion in sales. That said, unless you want to work with major franchise brands on a corporate level or to open franchises outside of the U.S., a global MBA might not be the most useful.

Some feel, like Henry Mintzberg, that the MBA of today is a waste of time as it does little to prepare candidates to become effective managers or for the ethics of business.

In conclusion, an MBA is a good route to take if you’re new to the business world and want to own your own franchise, as many require some kind of business experience. If you’re looking to change industries, like moving from retail to automotive, but do have managerial or business experience  attending graduate school may not be necessary. Keep in mind that a masters in business can prove to be expensive and you might not want to be paying off student loans while trying to start a business.