You've got that one nailed, Bob - as always...

While I don't personally have an MBA, I do have a technical PhD and I've taught MBA classes at both a well regarded state university and a no-name private college. With that very brief resume, here are my thoughts....

In the realm of "reputation", I'd say that recognition matters more than ranking.

With MBA programs nearly as ubiquitous as coffee shops, you need to get into a program with name recognition. For example, if you're earning your MBA in Ohio and life moves you to Oregon someday, people in Oregon should recognize the name of your school.

Outside of that level of recognition, whether your program ranks #45 or #54 won't make much difference. Ranked #4 versus #54 will matter, but #4 versus #8 - no one really cares.

If you do happen to land in a completely "no name" program, make sure that you're actually learning enough of something (skills/knowledge) to pay off on the job. The piece of paper itself won't do much for you.

Being involved in hiring myself, and having checked with several others before embarking on my own MBA quest, I'd like to offer a few more points. They're oversimplified, to keep this to a reasonable length, but should at least stir the brain juices.

First, after you get your first job almost no one is going to care where you got your MBA. They're going to look at the work you've done since.

Second, a big-name program is not necessarily an advantage. Smaller employers can't afford the higher salaries many of the graduates of the top programs think they deserve, and will be just as happy to hire someone from the lesser-known programs.

Third, some programs may not have widespread name recognition but are well-respected within a given industry. This may be a consideration for someone earning an MBA several years into a career.

Finally, some of the top-ranked schools don't have the stellar reputation you'd expect. Some are renowned for their teaching methods, but don't consistently turn out graduates able to put the learning into practice.

Bob's correct regarding the business connections one makes while attending a top-flight business school, but only if you use them. Tom's comment of "actually learning enough of something(skills/knowledge) to pay off on the job" is the true value of any MBA program. I'm in an on-line MBA program that has provided me with an exposure to business matters and practices I wouldn't normally encounter in my day-to-day activities. This exposure gives me an opportunity to assess and use practices to the betterment of my company, client, and team members. I don't expect many to remember that I received my MBA from "WhatsamattaU" as long as I demonstrate value , which hopefully comes from the skills and knowledge I attained in the process of completing the program.

A lot depends on what your objective is. If you plan to spend your career in a particular region, then a regional school from that locale will often provide enough "reputation" and a good enough network of connections for you. Also, many industries tend to cluster around certain geographies, and some otherwise humble schools from those regions develop very good reputations within a particular industry. For example, several schools in NJ have excellent MBA programs geared towards the pharmaceutical industry.

Your situation as to whether a school's MBA reputation really matters should not be a deciding factor as to what school you ultimately attend. Rarely is the "court of public opinion" ever right in many individual circumstances, especially this one. Remember this adage, "It does not matter what school you go to because what matters most is what you get out of the school that counts in the end." Think about it.

I'm wondering about the level of aducation provided at a fair price. Which is the best one for a foreign student?

Hi guys, I just came across this blog, and am actually having to answer the question right now - “Which MBA to pick…� Currently I have been accepted into Emory, Georgetown & Babson- from which I am seriously looking at Emory & Babson. Emory has a great leadership program and Babson though not high up in rankings is the top entrepreneurship school. Entrepreneurship is the field I want to focus on however, I am extremely impressed with Emory’s program as well. In addition, I am an international student and am going to return home to work in the family business… Any advice on which school I should attend or any advice on how to come up with a solution? Thanks guys!

Both are fine schools in great cities. As other have metioned here, it comes down to personal taste, because the education will be similar.

G'town isn't necessarily known for its business programs (vs law and international studies), but its reputation is very strong. DC is expensive to rent or own in, though. Be aware of how much it costs to live in the city vs. the burbs.