[VaSteve]

I did my MBA at a local university (part of a bigger state school) part time. I invested no where near $50K and it has paid off well.

My opinion:

It has opened many doors for me and made me more well rounded. I already had a business background (am a CPA) but it gave me some nice insight into other things: operations, IT, fluff org behavior, etc.

It doesn't make you significantly technically competent in anything to be an expert in anything - it doesn't go deep enough. I would not hire anyone with an MBA as their sole qualification as an expert in something. They need some underlying experience to go with it. People that go straight from undergrad are cheating themselves.

What it does give you is a broad brush of a number of things that undergrad (where you get the most techincal knowledge) doesn't teach you. Once you have been in the workforce you can capitalize on it. It teachs you more of a way to think about things.

I wouldn't stress trying to get into a top 15 school, unless you want Wall Street or some other "connections". I also wouldn't go full time unless you want the "connections." I-banking will burn you out. It pays well because they work you to death. Not for me, thanks.

Do it before you have kids.


Edit: alf said it pretty well why I was typing my response.