I heard that term at a conference given by Sidney Dekker. Professor Dekker is a world famous expert in risk and accident management.
The links from his talk and books are below. He said "MBA stands for more bad advice" at 14:00. It is worth a watch even if you are not interested in engineering risk management.
From my own personal experience as a researcher in project management. Many of the advances in project management are not currently being taught in school. This is due to the fact that it takes so long for the idea to migrate to the core curriculum. Most undergraduate education (even some aspects of CS) has not really changed for decades. Generally undergraduate education is behind current research by about 20 years and this will vary from field to field. The masters might get you closer to the 10 year range. The PhD is the only time where you are at the current state of knowledge. Although this is not quite true since recent journal articles are usually 2 years old (the review process is so long).
I'm more interested in the 'good practices' than the snarky one-liner. I don't have an MBA nor intend to get one, but it seems like a legitimate thing to pursue for some people in some circumstances.
This problem is precisely what leads me to doubt the value of what we currently call higher education. To put it bluntly (and in a slightly exaggerated manner), in exchange for your tens/hundreds of thousands of dollars, you get obsolete (at best) and just plain bad (at worst) vocational training.
I study project management so I only know about things from the production perspective. The following reading should get you a modern view of managing projects.
