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To free ride or not?

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GMATchoker
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Thanks for the advice so far... I especially like the GMAT analogy. However, my major concern is my inability to commit to a future career path. In light of that fact, I question whether or not it would be prudent to take on such significant debt. Does popular wisdom actually suggest that landing a consulting job is next to impossible from a lower ranked program, or is this simply supposition? I want to believe that these positions are meritocratic and are not simply awarded based on a brand emblazoned on a piece of paper. Does anyone have any experience with consulting that would lend credence to any of these assumptions?
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Hjort
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As usual, I encourage you to perform your own due diligence since conventional wisdom is often wrong. However, the following general pattern can be observed for the major consulting firms:

ultra elite cluster- hiring is in the double digits, often several dozen
elite cluster- perhaps a dozen or so, depending on the school
trans elite- a handful
near elite- a few
near elite frontier- perhaps one
local schools- virtually nil

Some uncertainty about your future career is common for applicants. Nonetheless, if you are completely unsure what you want to do, you might to wait before applying to an MBA program.