What are your thoughts on school pedigree? Does the name and reputation of a school lead to a higher salary and/or greater opportunities down the road? Is the increased cost of schools with a great pedigree worth it in the end?

As most of you know, I’m currently pursuing an MBA at Xavier University. When deciding on which grad school to attend, I didn’t look at a ton of schools; those on the short list were Xavier, UC, NKU and UNC. Why did I choose Xavier? Three reasons: reputation, rankings and curriculum.

Xavier has a good reputation, with quality teachers and classes producing first-class graduates. I’ve always had a good “vibe” about the school. Also, its evening MBA program is nationally ranked (16th in the country by U.S. News & World Report). While both of those are great, they weren’t the most important factors in my decision (and shouldn’t be, in my opinion). For me, the most important attribute was the curriculum. Compared to the programs at the other schools, I was most looking forward to the required and elective classes needed to complete Xavier’s MBA program. The classes offered greatly appealed to me and the course descriptions coincided with what I was most interested in getting from an MBA program.

The downside? Xavier is more expensive than NKU and UC (though not nearly as expensive as UNC). Since I’m paying for most of my schooling out-of-pocket (all but the trivial amount my company is contributing), with no loans, I’m trying to decide if it’s worth the extra cost to attend Xavier as opposed to, say, NKU. In the end, no matter which school I attend, I’ll still get the certificate saying I have an MBA and will be able to add it to my résumé. So what’s the opportunity cost of attending Xavier? Will getting a degree from Xavier lead to a higher salary down the road, when compared to another school? Most likely, no. Will Xavier give me a better education than a lesser known business school? Maybe, maybe not. Is it worth paying more for a program that has classes in which I’m more interested? Will I be able to learn and retain more in a program in which the selection and content of classes generates more enthusiasm and motivation? I would say yes. This could lead to me being a better and more complete manager in the future, thus leading to a higher salary. But will it make up for the loss in contributions to retirement savings and other financial goals at present (can’t forget the power of compound interest)?

These are some things I’m considering over my summer break. Any thoughts?

One thing that could render this decision moot, another goal of mine for the summer, is to look for grants and scholarships. If I can round up some financial contributions of this types, it may put this whole decision to rest.