If something is worth doing, it is worth doing right. The same thing applies to MBA. If you are gonna get an MBA, get it from a prestigious, top-ranked program. Otherwise, don’t do it. There are too many mediocre programs out there, who pushed out average MBA’s in droves and you will not stand out. Period.
It is tough to get into a top ranked school. The selectivity rate for top ranked full-time MBA program is less than 6%. That means, about 94 out of every 100 that apply will get rejected. Now, I attended the executive track. It is known to be slightly easier to get into, but it is just as intense and demanding as far as the commitment and coursework goes. No matter which track you choose, once you factor in the cost of tuition, food, books, the partying and the socializing, you will be out $200k.
The regular track MBA is a lot more theory, more coursework content and there are more exams per course. The executive track is a lot more applied in nature, more workshops, more class participation, more learning from peers and definitely, a lot more fun.
Whether you go for the regular track or the executive track, you need to have a distinguished background, 90th percentile GMAT scores, go through the daunting admission procedure, 22 essays, along with the chops to survive the admissions interview.
Also, need to have the cash to pay that tuition (or the willingness to take on that crushing debt).
Finally, you have to commit to 2 years of grueling coursework. Students are regularly kicked out of such top ranked programs because they fail to meet the academic requirements and cannot keep up with the coursework. In our cohort, a girl was kicked out because she could not clear the minimum grade required to complete the courses. Like baseball, three strikes and she was out. True story. Frankly, I think she didn’t apply herself. There were others in the class who where not quite as bright as her, but, they busted their behinds and got through.
Have I done a good enough job of discouraging you so far? If you are still reading this, I admire your guts. You are determined. Just start the process of working towards your MBA admissions and take it a day at a time. I hate sounding like a motivational speaker, but, don’t let anyone tell you you cannot do it. Better yet, keep it on the down low. Sharing such things with others only invites questions every time they see you: “You get into the program yet?”, without them understanding what your personal challenges and hurdles are; financial or otherwise.
If you wish to get an idea of what they teach at these elite programs, this book will give you an in-depth perspective.