re: Thinking about going back to grad school

I went to grad school (non-MBA) and worked full time. While in school I applied for a job in my field of study and got it (partly due to my grad work and partly due to my experience and certifications), it was a significant raise. I also received a promotion when I completed my graduate studies. Most of my co-workers either have a graduate degree or 15-20+ years of experience. I would not have been "qualified" for my position without my graduate degree.

Not sure if you were going the traditional MBA route, and can't give advice on that, but I can tell you that my graduate degree has helped me immensely.