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So while I agree that most of the full-timers, such as myself, do not return to engineering, I would suggest that this is at least in part a self-fulfilling prophecy for these self-selected individuals based on their own particular career situations. and does not necessarily suggest any blanket superiority of MBA jobs vs engineering jobs, for all individuals.
So the question is: does the analyst job per se offer enhanced MBA admissions chances? Versus whatever else the same highly capable individual might be doing?
Many MBAs do not get offers from elite investment banks or consulting firms. So to say that investment banks are more appealing than engineering firms to some engineering students does not mean that MBA jobs ubiquitously are more appealing. Not all MBA jobs are investment banking jobs, or have equal appeal.
In other words, Investment banking jobs seem to have disproportionate appeal to many majors, no need to single out engineering in this regard. The engineering firms don't need to increase their compensation, job attractiveness, etc, any more than the legions of other types of companies, who ALL lose the employment battle to the investment banks, need to. In the case of engineering, the poaching is limited to only some individuals at a few schools. In the scheme of things this might not be considered such a significant "brain drain" to cause the employers to lose much sleep about it. Fortunately for them, the I banks are really interested in only a small number of engineering types, and IMO, vica versa. The skillsets in many cases do not align well with the available jobs.