Rasheed,
A couple of things that I'd add (keep in mind that I am wearing my Owen hat but hoping to answer as objectively as I can). With respect to reputation, McCombs is very widely recognized within the MBA community, and UT has a significant amount of weight if you're looking to stay in Texas. I came to Nashville from Texas, so I know that it is a great conversation starter. I do honestly believe that the Vanderbilt name has more cache on a national level (everyone outside of the MBA bubble associates a program with the whole institution, and Vandy is as respected as they come), so I disagree with neverbackdown. Owen happens to be far younger, and has been gaining ground just about every year (for reference 10 years ago it was ranked #39, this past year it was #25) so buy low and ride it high.
As far as what you want to do, you can't go wrong with either one. You'll be able to get the same sort of job, and get paid the same salary. It may affect the office into which you're recruited, though, so I'd keep that under consideration. I personally had offers from several top-10 consulting firms and got my top preference with the ideal geography. The firm I selected only has a handful of 'core' programs where they drop resumes (Kellogg, Booth, Wharton, Haas, Fuqua), but if you can get an interview you have just as good a shot of getting an offer (the same one as the core programs). As test alluded to below, we're sending people to all of the big-4 advisories, bain, bcg, and plenty of others.
As far as geography, I think you've got 2 amazing choices. Austin is a great time, and there's no doubt you'll have fun on 6th street. Nashville is nicknamed Nashvegas and there's live music everywhere you turn. Having spent considerable time in both, I do give the slight edge to Nashville. Downtown is one of the most fun places to go out, and up the road you have the Bourbon Trail in Kentucky and easy access to big companies in the midwest, northeast, and southeast. As far as industries, energy and tech are bigger in Austin, and health care and automotive are bigger here (doesn't weigh too much for your career path, I would imagine). If you're a sports fan, it's hard to beat Longhorn football, but we get some great teams in here as part of the SEC, and the Titans and Predators are pro sports teams that are affordable.
I'm also a
huge proponent of a full time program. I'm happy to answer questions why, but to boil it down, it makes everything so much more impactful in b-school. The connections you form are stronger, recruiting is
far easier, and you really get to enjoy the program and city. I was apprehensive about leaving my salary and strongly considered a part time program, but b-school is one of those things where you can't just dip a toe in.
Don't hesitate to reach out if you have questions. I've obviously loved my MBA time and know that whatever you decide you'll enjoy it, too.