If there is anything I have learnt over the past few months it’s this : There are several awesome schools but what matters most is going to the B-school that’s right for you!
That being said, another equally important piece of advice : Go to the best school you can get into!
Ultimately, from the second you step into B-school all you will care about is landing that post-MBA job. Which means you have to think from a recruiter’s perspective. Sure, rankings do not matter between schools in the same range and it’s like splitting hairs deciding if Booth is better or Wharton. That’s when ‘fit’ with the school matters. But it also is true that an MBA from Harvard will ALWAYS be perceived to be more prestigious than a school in the range 10-15.
Let’s stop pretending we’re all going to B-school only for that life-changing experience. Yes, B-school will be life-changing and a lot of wonderful stuff, but that’s NOT the ONLY reason we want to get there. Prestige is equally important. Prestige from the recruiters’ perspective. If you only want a life-changing experience, try backpacking in Europe to gain perspective instead of throwing away 200K + the opportunity cost. 😛
Now that does not mean that you just apply to the first ten schools you find in the US News Rankings. Remember What I said about the cons of B-school. If your school isn’t right for you, the picture won’t be so pretty. It’s going to be a stressful few years (the application process, the 2 years of rigorous coursework and paying off the debt post graduation ), so you better really really like where you’re going.