I must say that if you look at most of the younger students at the top schools, many have very strong academic profiles (top notch undergrads) followed by a few years at big name companies. There are the outliers but overall the are a bunch of folks getting their tickets punched and were probably aiming at MBAs since half way through undergrad. I know I hadn't even considered an MBA until last winter, I enjoy my job but dont see much in the way to progress...initially I was going to do a local one to further my career but the more I learned about them the more I realized what they could do for me.
I have talked with some other folks in my age frame 27+ (I am 28 now, 27 when applying last fall)...and it seems more common for us to have the sudden whim to get an MBA. Some have MS already in eng or some other discipline and some just dont see continuing on their current career path. The younger folks I know often have been planning on the MBA path for longer than the older people, a lot knew during UG that they were going to want MBAs. Some schools feel these are great people to bring in while others feel they should maintain the recent history of bringing in people with lots of experience who already are bringing a lot of real world knowledge to the table.
A program filled totally with 24-25 year olds would definitely lose a lot of what real world experience brings to the classroom...but programs do want those fast risers and they are good to have on board. They can help motivate us older folks, and they bring a different view of how things work since they are closer to the bottom of the totem pole not the middle like someone 5 or 6 years older. Its all about the perspectives, you want to have diverse views and opinions, it adds to the overall program.
Personally I have no problem with schools admitting folks with 2 or 3 years experience. However, I dont think many kids straight from undergrad really belong...more probably get in at some schools than should. Its not an MS of engineering degree, its a management degree and you should have at least some experience before going after it. This probably isnt a popular opinion with younger folks since they think they can cut it...but it goes beyond being able to handle the course work, since I am sure any 20+ year old at a decent school could cut it academically. I think 4-6 years experience is ideal amount for MOST folks...yes some can do it faster and some longer...I hope schools maintain the average overall of 5-6 years.
I know I have learned a lot in the last 6 years on how to manage people and situations...and I have definitely learned how not to manage by having crap managers. If you have only worked for 2 years you probably havent had nearly as many experiences to draw from. Part of what gives MBAs value to employers is their abilities when they graduate and in many areas you are going to need skills that go beyond the stuff you learn in the class room and 2 week experiential learning consulting gigs wont make up for the years of experience people lack. This is obviously more important in some post mba career paths than others. If people get into a top school with only a few years experience I think there has to be something special about them at this point, I just wonder if folks with 2 years heading to a school not H/S/W would have been able to get an HBS admit with another year or two since they obviously have to be pretty impressive already.
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Kellogg Class of 2010...still active and willing to help. However, I do not do profile reviews, don't offer predictions on chances and am far to busy to review essays, so save the energy of writing me a PM seeking help for these. If I don't respond to a PM that is not one of the previously mentioned trash can destined messages, please don't take it personally I get so many messages I have a hard to responding to most. The more interesting, compelling, or humorous you message the more likely I am to respond.