after asking two friends of mine also considering an mba, the most cited reason for going back to school for an mba is to make more money. lots and lots of money.
given the fact that you want to leverage your mba into making lots and lots of money, what career choices are out there for you? popular and sexy possibilities include private equity, hedge funds, and venture capital. for career switchers (a large percentage of mba'ers), it is difficult to get into PE/VC without prior banking experience, so if you really want to get into PE/VC without the experience, the tier one schools, hbs and stanford, are your best bets to break in. otherwise, you'll probably have to roll up your sleeves and put in some time with investment banking first. hedge funds typically want either former ibankers or quants, so you probably would be best off doing a quantitative finance program and forgoing the mba experience altogether.
what if you don't have the background to get one of those glamor jobs? luckily, your mba can still be used to get into consulting and investment banking! most m7 schools will put you in a good position to get into the best firms in these industries. for consulting, the most prestigious firms are mckinsey, bcg, and bain. any of the the m7 schools can get you there, but the tier 1 schools plus sloan will put you in the best position for that coveted strategy consulting gig. if you want to do investment banking, bulge bracket (goldman sachs, morgan stanley, etc...) is the way to go. the best schools to get you into investment banking are tier 1 schools plus: wharton, chicago, columbia, and stern.
"i didn't get into an m7 school, am i doomed to a career in corporate finance?"absolutely not (no offense intended to those in corp fin). you can still get an ibanking or consulting gig coming from a top 10~15 type of school. it doesn't mean you'll be stuck in a boutique/middle market bank or lower tier consulting firm either. bulge bracket gigs and top 3 consulting firms will still be within your reach, but you will have to work harder to get them. at a top target school (such as one in the magnificent 7), bulge bracket/mckinsey/bcg/bain offers might go to ~50% of the students competing for those jobs with the a remaining 20~30% of students pulling down jobs at lesser/middle market/boutique firms. sadly, some percentage of students seeking ibanking/consulting jobs will come up empty handed. at a non-m7, a not too shabby 60~80% of job seekers will probably obtain a position in their chosen field; however, perhaps only 25% will end up in the promised land of the bulge bracket/mckinsey/bcg/bain.
what's the big deal with bulge bracket/elite three consulting firms? why go through the trouble to land a job at one of these "prestige" firms when you'll be doing the same thing at lesser firms, right? wrong. at a bulge bracket, you are more likely to get to work on more complex and unique deals. deal flow will also be more likely to be stable (though hardly guaranteed). at a mckinsey/bcg/bain, you will get more face time with CXO type of people. ultimately, a combination of these kinds of experiences along with the firm prestige are what will give you better exit strategies. want that lucrative buy side job at a private equity/hedge fund or VP track position at a fortune 500 company? the prestige & experience at a bulge bracket/mckinsey/bcg/bain firm is much more likely to get you there than that of a lesser firm. after all, not everyone wants to put up with the hours of banking or the up or out policy at consulting forever.