@koskYes, the general perception is that PT is, as you called, an "ugly stepsister" of the FT MBA. The reasons for the origin of that perception are not hard to fathom. In an FT MBA, you have
- greater access to professors & the school facilities in general
- better opportunities to network with industry contacts
- better bonding opportunities with your own peers and the opportunity to build your own network
- singular focus on your education without distractions emanating from your work
- option of switching functions / industries during recruitment
- mandatory internship that greatly helps you test the waters
And that's not even listing all the potential benefits of an FT MBA...
However that is not to say that the PT MBA is without value. For many individuals for whom many of the above reasons might not be worth sacrificing two years of earnings, the PT MBA is a great option. I know of several people who have done the PT MBA at Booth & Kellogg and have flourished in their chosen careers.
I think PT MBAs get a bad name because
- many schools use it as a money minting business with lax entry barriers when compared to a FT MBA
- people get into a PT MBA "imagining" that they would get great career jumps after the MBA but get disappointed when they are not able to leverage it at all. Such people also complain the most about the value of the PT MBA while not realizing that there was probably a problem in their initial expectation setting
- FT students often do not like PT students because the PT students get almost equal opportunities during the recruiting season (depends on schools). Not that this is an incredibly major factor, but a perceived lack of value of the PT MBA is certainly propagated by FT students.
So all said & done, it is my opinion that a PT MBA from a top 5 or top 10 is definitely worth considering if one is clear and assured that it will eventually help you reach where you want to...