this idiom means a person having some knowledge of every thing but is not specialized....... well what is more important , to be a JACK or MASTER.........as per Robert kiyosaki's book "Rich Dad Poor Dad " knowledge of different things in important........ and if someone has to run a business then he need not to be Master........... instead he will hire a person who is more intelligent then him and is specialized in one part particular area.........well its not a bad idea to get 2 in 1.......i.e. both JACK and MASTER in 1 and what i think we can get these two in MBA..........as we study different subjects in 1s two sem and then we proceed to specialization........well a well planned complete package of 2 in 1.....