Stats:
Indiana: 650,000 alumni (from the whole university)
Emory: 149,000 alumni (from the whole university) ... loads more networking opportunities with all those Indiana alumni (even if they don't have a degree in business, they make a living doing something!)
Nearly equal numbers of women and international students at both schools except for the number of international students (as a %) is 2x at Kelley.
Incoming intellectual diversity ... 58% of the incoming class at Emory was in either finance or consulting ... whereas only 32% of the incoming class at Kelley was in those two pre-MBA industries. Based on a variety of other factors, Emory appears to generate more 'specialists' and Kelley more 'generalists'.
MBB Consulting ... occasionally, both BCG and Bain will recruit at Emory, while only Bain will occasionally recruit at Kelley.
Based on surveys, and while the differences are very slight, the students at Kelley do seem to ENJOY their diversity more than the students at Emory. In fact, based on a variety of inputs, it appears to me that Kelley would easily be in the top five or six of a list of MBA programs for "lots of diversity and the diversity being embraced" (the others being, in no certain order, Michigan, UCLA, USC, Wisconsin and Penn State).
US News & WR gives top 12 rankings to the following programs at Kelley -- Entrepreneurship, Accounting and Information Systems. Emory has no programs ranked in the top 12.
Average salaries appear to be higher at Emory (although, without looking into the weeds, I can't remember if the data I've got on Kelley includes averages signing bonuses or is just median salaries) ... and ... both schools have 97% of their most recently reported class has jobs at 90 days post graduation.
Emory places 45% of its class in consulting. Kelley places 21%.
Emory places 12% of its class in technology. Kelley places 19%
Emory places 11% of its class in CPG / Retail / E-Commerce. Kelley places 16%.
Emory places 3% of its class in healthcare. Kelley places 12%.
All told, Emory has four industries into which it places at least 10% of the class. Kelley has six industries. To me, that means the educational environment is more diverse and allows more people to have more success in meeting up with an attractive Plan B -- and given the unknowns in this economy, that has value (to me).
Regarding geographic placements ...
Emory places 51% of its graduates in the southeast ... plus 19% in the northeast and 12% out west. Their low is 5% in the southwest.
Kelley places 47% of its graduates in the midwest ... plus 15% out west, 14% in the southwest and 11% in the north east. Their low is 2% in the mid-atlantic.
Neither one places many students internationally (3% for Emory and 4% for Kelley).
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Those are parts of my thoughts as to why, for you, Kelley would be a better choice at this time and in this economic environment ... UNLESS YOU WANTED TO LIVE IN THE SOUTHEAST USA.