Discounting the school reputation because of the lower wages earned by its alumni makes no sense because wages usually reflect the local cost of living, which again is higher in large urban centers. Those who choose to work in small towns are unlikely to earn the high salaries that will make their schools shine in the MBA rankings.
It's the dream of every MBA candidate who registers to a prestigious MBA school. A coveted position in investment banking or consulting, with a salary only heard of in the movies. While this reality does occur for a small percentage of MBA candidates, the reality is far different since the overall economic and MBA dynamics have changed.
Entrepreneurship is a dirty word for many MBA candidates. Synonymous with extreme financial distress, entrepreneurship for many MBAs is a deep chasm of despair, particularly considering the high debt load that most MBAs have post-graduation. These attitudes and misconceptions have hurt MBA grads instead of helping them.
Which parent hasn't heard the names Steve Jobs and Bill Gates thrown back at them as they urge their offspring to stay in school? Add to that list Richard Branson, Michael Dell and Larry Ellison. Taking this argument to the extreme is Peter Thiel, a co-founder of PayPal, whose foundation pays students to drop out of school to launch companies.