After about 6 months at Kellogg, I’ve come to the conclusion that an MBA is essentially about learning a language — the language of business. NPV, segmentation, ROI, VOC, etc. are all “words” that comprise this language and enable you as a businessperson to converse with other businesspeople. It’s not critical that you learn complex technicalities, but the more you know about and understand the varied areas which business touches (e.g., marketing, operations, finance, etc.) the better prepared you will be to hold a meaningful discussion with colleagues and the business community at large.