I go to penn state and even it requires minimum of 3-5 years despite being not the top program. it's a good program though and the measure of it is professional and academia experience that professors at Penn State possess. Also, you need that work experience to do better in this program (it's perhaps subjective) because when you would sit besides managers and project leads from Lockheed, Unisys, Siemens (narrating personal experience), then you would want to bring similar experiences to the class discussions.

there is a distinction people in the industry make though. If you are satisfied with your job, and want to supplement it with an MBA, then good programs would do because even if you change jobs later, your work experience would compensate for the college name. But if you are looking for a fresh start after getting an MBA, then you better go to the top 5 as that would alone determine your career at big corps. just my 2 cents:)

pay up and go to a better school. The name is worth it. better emplyers recruit there, your network will be more powerful alumni.

Take out the loans and make it easier for yourself in the long run. It is a reality and the only people that will tell you otherwise are the people who are not at the top programs.

get the mba now if you want a phd but your students would want you to have legitimate work experience. unless you teach a quantitative course. I know we didn't respect our professors that had no professional expereince....and if you decide to get it now, you won't be admitted to a top program without work experience.

Mehjubeen, sorry if i wasnt too clear but i am currently working - just in my 1st year of work after undergrad...i would love to work for more but im not sure if the job im doing now is the really the best for me...still, i want to earn my MBA ASAP so i can move on to PHD inshalla...I dont really want to go to school on part time basis b/c that will reduce the amount of networking and learning i could get as an MBA student...maybe it's just me, but i think one should focus on doing one thing and do it right...anyway, i will certainly take your recommendations as far as choosing schools carefully :) I'm taking more than one openion and they all seem to make sense...some say bigger and higher ranked schools actually have reputation in leadership and teaching techniques that i would benefit from, vs. a less known programs! not too sure if this is a general statement at this point..

First I am a little confused. . . . do you already have some work experience, or are you going directly after undergrad? I would STRONGLY recommend several years of work experience prior to continuing on to an MBA. I would also look closely at the programs and the concentrations offered at each university and choose based on your future potential career goals.

Secondly, Alhumdulilah, since i worked for 4 years (and continue to work full time) I have the means to finance it myself. My company also pays a small portion towards continuing ed. It all depends on your situation and spending habits as well. For example i live at home, am very conservative, and I'm enrolled in a part time program. Mind you I will have a bank account close to $0 in the end, but insha'allah it will pay off in the future.

Thirdly, a school's reputation may or may not help you land that first job, outside of that the higher price you pay is simply for the name. Regardless of where or how you achieve your degree, it's how you apply it that will allow you to succeed in the end Insha'allah.