<p>Re the nature of the incoming classes at the top MBA schools, please recognize that there are many routes available other than going the I-banking or consulting route after undergrad. Yes, these programs do provide large quantities of students into the top schools, but the top schools would LOVE to have more diversity in their student (diversity of work experience). For example, if you are a top producer in pharmaceutical sales at one of the top companies, then you would be an interesting addition to the classroom discussions that take place at case-study oriented schools. Or some other non-standard field of work (something entrepreneurial or in a less frequently seen industry) where an applicant has had some management exposure. Such applicants have an appreciation for business mechanics that is very different than those with Wall Street or consulting backgrounds. Perhaps most important is that this applicant understands where he/she is weak and what the business school experience will do to help fill the gaps. Furthermore, applicants from these types of backgrounds frequently compete with a less academically focused group and, oftentimes, come from less prestigious undergraduate institutions. I remember my class being filled with Ivy types from Harvard, Princeton, Brown, Dartmouth, Penn, etc but the two smartest students were from BC and UVA. One ended up in venture work and the other in a super position on Wall Street at one of the premier I-banks.</p>