Go for an MBA with any of the top 10 schools and possibly include Darden, Fuqua, etc. The deal with people saying an MBA is useless comes from a few things: 1) Successful businessman / trader that was spurned by the schools and basically are stuck in a mindset that I have accomplished what I needed without an MBA 2) A trader that probably makes 60k a year and thinks he's far better off than having an 8-5 job with an MBA degree What an MBA degree from a top school provides you with is a LARGE LARGE safety net. You are automatically the cream of the crop in the job market. You're almost guaranteed AT LEAST a good income (120k+) for the rest of your life. I would say about 90% of people I know (friends and acquaintances) that graduated from U of Chicago GSB, Northwestern, Wharton, Darden, etc have jobs that pay them upwards of 150k. They probably won't make it as big as a successful entrepreneur would or a successful trader would, but they dont make as much as Kobe Bryant either. That doesn't mean you should tell your kids to forget about school and just concentrate on playing basketball. The bottom line is, probability-wise, the chances of you getting paid the big bucks is much higher with an MBA from a top school than you would trading or starting your own business. Of course, the crux of the matter is getting into a top school in the first place. Volunteering with organizations like Habitat for Humanity, Americorp, peace corp, etc... will help immensely with your application if you don't have a good GPA.
Your best bet is probably to prepare a lot for the GMAT. - Take a practice test, don't freak out if you score rather low - Work through workbooks, learn the patterns and types of problems that there are - Take more practice tests - Repeat until you are scoring above 700 - Take the test and then evaluate your options I went from scoring 600 or so to 740 when I sat for the test. So, you really can learn to do well by practice.
if you go for an mba, only go for one at a top business school. i know people with mba's from lesser schools and the job opportunities are barely better than a b.a. in business. i also know a couple of companies that won't even look at you for certain positions unless you have an mba from select schools. also consider the opportunity costs. how much does a wharton mba cost and how much are your lost wages? if you're already 40+ , you probably won't recover the cost.
Why not go to Uof D for your MBA......and do well in your classes and be as active as posssible on campus and graduate with honors. I think you would be able to contend with anyone. Alternative is dayum the Business shiat.....try the Allied Health field. Lot of opportunity for those with a Biz and Allied health degree.
Look into getting a Master of Science in Finance (MSF) instead which is purely focused on finance. MBAs are to train you to be a corporate officer where you learn marketing and organizational behavior and stuff. Sure you can focus on finance and take a few courses in addition to the core classes which have no relevance or do an MSF and take ALL your classes in derivatives, financial modelling, fixed income, portfolio management, etc... Not all schools have an MSF so check it out and compare the course listings v. an MBA. An MSF has much mroe detailed financial training than a Wharton MBA.
If you want to stay in Finance I was always told the CFA is just as valuable as an MBA. Plus once you have passed all 3 tests and are a member of the charter, firms will contact you if they have open jobs. If you can study on your own and take a few 6 hour tests look into it. Iv tried to study it and its very very diffiuclt material. But thats why there are not too many CFAs.
I'm currently looking into the CFA. I have the material and am currently studying. I passed the series 7 and the material doesn't seem that much more difficult....just longer. I heard it's a pretty good avenue...not a Wharton MBA but still pretty good. I may try to get both.
On average you get a 30 % higher salary as a MBA graduate... I would take it from there : risk / reward ratio to obtain MBA ? Is it a "good" trade ? If you want to improve your intellectual skills, I suggest there may be "efficient" ways do so....
An MBA's primary value is and has always been the PEOPLE you meet while studying. Go read some interviews with Alums of the school you're interested in. Most stay in touch with their school and network with the people they graduated with. With an Ivy League MBA you're automatically 'connected'.