The pursuit of an MBA is both an academic exercise and a business venture and should be analyzed accordingly. Since MBA is done after some work experience a loss of pay is involved and thus the concept of 'opportunity cost' needs to be understood. You are not only going to pay a hevy fee but also suffer a loss of income for two years. This amount can be in the range of $150,000 to $250,000. You need to be convinced that an MBA degree from University x or y is worth this amount. The decision becomes more crucial as you consider some lower ranked MBA programs.
The business schools are good at selling thier own brand. So if you lookup the website of any MBA program you will think that the program is awesome. You will read statistically twisted and carefully crafted words like "Best Business School rated by Employers", "No. 1 MBA program among the private Universities in midwest", "consistently recognized as a premier business school by The Wall Street Journal". Unless you are looking at undisputed top Business schools like Harvard, Stanford, Wharton or Kellogg, never get impressed by those kind of self-appreciation. Analyze very deeply. Look at many rankings and other authentic sources of information.
Do not get fooled by irrelevant information. "No. 5 Best City for Jobs in 2008. - Forbes" No matter which city this is, a Harvard or Stanford MBA will anyday get a job in this city and will be preferred over the local B-School from whose website we took this phrase. They are trying to create a false impression that studying at their school will get you a great job because they are located in a particular city. Similarly low ranked or non accredited B-Schools will flood you with such irrelavant information like awesome weather, great night life, culture, etc but you need to focus on the quality of the MBA program and nothing else.
Depending on your GMAT score, academic record and profile, shortlist a few Business Schools. Then you may seek guidance at our forum and you can get help on our forums in making a final selection. Plan to apply early. Business schools have three deadlines, it is highly recommended to apply in round one.
U.S. News Rankings of Business Schools / MBA Programs