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U.S. schools granted a record 126,214 masters degrees in business and administration in the 2010-2011 academic year

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I tell candidates that if they want an MBA, then go to one of the top five schools: Wharton, Harvard, Stanford, MIT, and Kellogg. If they cannot get into one of these schools, then don’t even go to another school. The return on investment is just not there.

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2013-2014 ESTIMATED STUDENT BUDGET
Wharton MBA Costs
Tuition $59,736
General Fee $2,410
Course Materials Fee $600
Pre-Term Fee $2,060
Tuition & Fees $64,806
Health Insurance $3,222
Room & Board $22,188
Books, Supplies & Misc $5,784
Total Expenses $96,000

Wharton MBA /LAUDER MA Cost
Tuition $59,736
General Fee $2,410
Course Materials Fee $600
Pre-Term Fee $2,060
Lauder Fee (Summer Tuition) $12,500
Lauder Academic Year Fee $13,100
Tuition & Fees $90,406
Health Insurance $3,222
Room & Board $22,188
Books, Supplies & Misc. $5,784
Summer Lauder Program Expenses $12,000
Total Expenses $133,600

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Brought down to individual terms, a typical Wharton MBA in this class will graduate with average debt of nearly $124,000. With monthly payments of $1,477 over 10 years, the total would come to $177,256, including nearly $53,000 in interest alone. It would be the proverbial bite that would be hard to chew for most because a graduate would need an annual gross salary of $176,560 to comfortably pay down the loan, according to financial advisors. That's not a comforting thought when the median starting pay of a Wharton grad was only $110,000 last year. (You can crunch your own numbers on an online loan calculator to estimate the impact of your own debt.) And none of these numbers include the debt assumed by students during their undergraduate years

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Just take a look at what has happened in the last decade alone. In 2001, Wharton recommended that applicants budget $59,728 a year to attend, or about $120,000 in total for the two-year MBA program. Graduates from Wharton in 2001 reported median base salaries of $95,000 a year.

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For the class of 2013, however, these calculations are likely to get scarier. Wharton is now recommending an annual student budget of $89,200 -- a sum that does not include the school's global immersion program, which typically costs between $4,000 and $5,000 more. That brings a student budget up to $94,200 for the first year alone, or $183,400 for the two-year program.

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is there going to be a shift towards some other post grad degree/study?

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I think the shift will be to weight professional experience much more heavily.

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I agree with him for the most part, but there is also some value on getting an MBA and working in the same city/area.

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Bhatti would argue you should not have pursued an MBA because with no cost and no reward, your lost time is worth something. Odds are whether that time was spent with your family or starting Microsoft in your garage, it was more valuable than the experience of sitting through MBA classes. Would you consider the MBA to have been worth your time?

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He says ROI isn't there for any school other than the five mentioned. I don't agree because everyone's opportunity cost is different, employers contribute to tuition costs and schools offer scholarships.

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I do and I've found the "total cost to attend" figures to be a worst case scenario. Prior to enrolling, my projected payback was around 5 years. Now with real numbers, it will be about 1 year. I had overestimated the costs, underestimated my summer compensation and exit salary and not considered any tuition reimbursement from my future employer. My only guess is Wharton has a higher percentage of students who had high paying jobs prior to b-school, saved little, and racked up debt in order to continue that lifestyle into b-school.

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I'm in the same boat. My employer now is paying for me to get my MBA as we speak. I had no interest in paying for it; however, if they want to pay the bill then I don't mind getting a little extra on my resume for future use.

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I need to talk with you about your experience

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