I have a situation ahead of me and I need suggestions on what should be my take on this.

I took GMAT 2 years ago and I am enrolled in MBA (Business Intelligence Concentration) program, expected to graduate in April 2009. I also have undergraduate degree in computer science with almost 2 years of work experience in related field.
Couple of months ago, I had some feeling of testing myself on GMAT again and on a personal note to achieve a score, which in first attempt didn't come up to my expectations.
After studying for a little over month, I am getting 600+ score on MGMAT tests, which is 150 points more than I have in my first attempt.

The real thing: I go to a national university, falls under third tier by u.s news, whose business school is among top 280 business schools by Princeton Review. My concern, for obvious reasons, is, should I go for another MBA to a top 30 u.s business school with a better GMAT and Masters in hand.
If I do go for another MBA, is it really worth it/smart idea getting another degree in similar decipline?

Should I start next MBA right away in 2009 or wait couple of years with my improved score, which apparently will increase my chances of getting in a top tier school.

When I started my preparation, I only took it as a personal goal to have a higher score but i am more confused than I was before starting to prepare.

Any unbiased suggestions will be highly appreciated.

Thank you

Sincerely,

What if he drops out now?

FWIW I have also heard that MBA is a one-shot affair. It would be like trying to get another undergrad degree.

Right now, I have to complete 7 courses (21 credits) to graduate with a concentration. I have a choice, that I change my degree from MBA (business intelligence) to MS.Information Systems, which also requires me to take 24 credits and will waive all pre-reqs because what I have already completed in MBA were part of pre-req to MS I.S program.

This is nerve wracking.

At the very least, I would not drop out until you have your high GMAT score done and in the bank. There are many horror stories about people sure they would get their 700 only to score 520 3 times in a row.

I am 25 yo right now have almost 2 years work experience.. do you think if I get a better score on GMAT will it be a good idea to forgo all my credits earned during 1 year and a half at my present school and go for MBA in Fall 2009?

To me this seems a bit irrational. Why would you want to drop out half way through? After all, there are plenty of people from third-tier schools who do exceptionally well in life, and there are just as many top-school MBA's who fail. While the brand of a school is a good value added to your skills, it is not the defining factor of success. I guess, since most people who surround me at Wharton have a very clear direction in life and the MBA is usually seen as a catalyst of their overall development, it is difficult to see the MBA degree as a commodity or a consumer good that you can discard or upgrade because of the brand.

On the other hand, I think getting into a top tier school after having almost finished this MBA would be totally unrealistic even with a perfect GMAT score. The GMAT is generally used as a predictor of one's ability to crunch numbers ("sustain the quantitative rigor") efficiently during the first year; since you've already been there done that, the fact itself renders GMAT scores useless for any school. It will also be very difficult to explain why you dropped out; in addition, dropping out of school would also hurt your academic record. B-schools are quite big on the idea that where you have been is a good predictor of where you would go (past is a predictor of future), so strictly speaking they would probably not accept a person who dropped out of an MBA program once.

If I were you, I would finish your MBA and do the best I can with it.
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I think Chicago is one of the few top tier schools that allow you to apply for an MBA if you already have one, not sure what those acceptance rates look like though.