Billionaire: An MBA is worth it if...

Billionaire Tilman Fertitta shares when a graduate degree makes sense and when it doesn't.

If you're debating whether or not to get a Master of Business Administration, billionaire Tilman Fertitta has some advice for you.

"Let me just say this, God gave me a gift of understanding business, but if God didn't give you that gift and you want to be an entrepreneur and you want to be a business person, go get your MBA," said Fertitta, CEO of Fertitta Entertainment, which owns Landry's and the Golden Nugget casinos.

Going back to school can be a difficult decision. Getting an MBA can come with a steep price tag. Tuition at top schools can reach north of $60,000 per year in addition to lost wages while away from the workforce.

But what if you have an undergraduate degree in business?

"[I] don't even care if you major in business and finance, you just don't get a grasp of the problems and the experience unless you get your master's," he said about undergraduate school. "And that's just from dealing with people over the years that were young, that had an MBA or didn't have an MBA that I could personally communicate with."

It's all about knowing your strengths and weakness , he said.

The self-made business titan definitely knows what he's good at, and what he's bad at.

"I know that I can't play a musical instrument. I know that I can't change an oil filter on a car. But you can bring me any kind of business issue or problem, and I will detect it and tell you what the problem is and the solution within a few minutes," he said.

So is business school worth it? If you know you have a knack for business, Fertitta said, "Don't worry about it."

If you weren't born with natural business skills, you may want to start considering graduate school.

"I'm for somebody who knows they didn't get the gift to try to get their MBA. But if they know they got the gift, don't worry about it, just get your four-year degree," he said.

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