So you're likely in your mid 20's and you personally believe that market forces have changed permanently? Ok.... you realize how naive that sounds, right? You didn't answer my question: Are you a leader? Do your coworkers respect you? Can you organize people and succeed in accomplishing complex tasks? Are you well-spoken and charismatic? Be honest. If you're not a leader its fine, most people are not. There are plenty of well-paying, intellectually satisfying, fun careers that don't need an MBA.
Because plenty get suckered in for the name - just like people who drive cars they can't afford. In simple marketing terms, it's called brandwashing. NPR wrote a great article a while back on why our higher-education system isn't producing good returns on investment and one of the major reasons was people entering programs that they have no mind for simply because they want the recognition of the degree or they want to as you said, go to parties and meet classmates. Coming from a top MBA program, I can tell you the assignments were mind-numbing and many courses you'll have to "wing" - especially if you're going to be working for income while in school. You're handed undergrad economics and business material but with much more thorough and detailed assignments and reports required. Thank God that part of my life is over.
Has the MBA market turned around? Had a friend at a top 3 school, good record etc have a hell of a time finding a position a few years back, and even then not in the field he was angling for.
The MBA job market has improved considerably in the last 2 years. Still not pre-2008 level, but consulting and finance are both hot. This is of course assuming you're at a top program. For those people, the world is their oyster.
It has not turned around and that's the type of marketing fluff my alma mater spreads about how their graduates fair better than all others which is complete fluff. At the end of the day, an MBA is just a nice add-on to the resume. It holds as much weight as running your own business for 2-years in the eyes of the employers. From a business perspective, I give a lot of props to the school's marketing team for over-hyping the degrees so successfully. As with anything else, you must do due diligence. There will always be idiots who invest in degrees for the wrong reason or without having a per-determined path. It's a gamble just like putting your money in the market is. It's a risk you have to be willing to take. If you truly want the knowledge taught in the courses of the program and can demonstrate that you are it in for the academics, not because it will help you get into the job you want - then you will be seen as a overall better candidate.
Depends on the school. At top ones, the job market is pretty good, and placement has been quite solid. The numbers don't lie. http://poetsandquants.com/2013/01/24/mba-job-market-continues-to-improve/ http://poetsandquants.com/2013/05/22/numbers-every-mba-wants-to-see/ In addition to this, if you look at the placement stats of various top programs, about 90% get placed within 3 months of graduating. There's a very good reason why some of the most successful young professionals go to top b-schools. It's way more than simply marketing hype, as you suggest.
To be honest, it's mostly about signaling. I agree that you actually don't learn THAT much in b-school academically. But the prestigious firms see a lot of value in recruiting from top b-schools, and the fact that someone got in signals to them that they passed the gauntlet and "worthy" of being recruited. One can argue that it's "fluff" and bullshit, but that's the nature of the game unfortunately. If I could get a good investment managemenet job without a top MBA, I would not go.
the #s published are deceitful. I worked inside a career services office in college and know how it can be. Don't get me wrong. I believe b-school can be a great investment and it was for me; However, I strongly advise against the mentality of "prestige" because all markets are financial markets - whoever is clever and capable of capturing the gains to be made in that market will yield the most. Just like in trading, the school you went to has very little effect on your ability to trade profitably. It does help you learn risk-management principals, how to market yourself, global markets, economics, etc but ultimately business comes down to performance. When I was younger, I refused to believe that. I convinced myself going to the best schools and getting excellent grades is the path to success. I later found out, it was not the degree or the school that determined success but the actual drive for success and ability to conduct business without your emotions getting the better of you. My advise to you is to speak to people who have MBAs - not necessary current students. Speak to graduates o the last 5 years and weigh the return on investment you see. Just like placing a trade, you should calculate your risk and limit your exposure; However, there is no simple answer to whether or not an MBA is the best choice.