<p>cbreeze, you don’t need really need an MBA for entry level positions. However, later on you will be expected to get an MBA from a top school if you want to stay at the firm or get promoted.</p>
<p>coolkidd, my son, a Wharton undergrad, was in NY on business and met up with a dozen or so of his Wharton friends just last week. Everyone was working in finance, PE, hedge funds, IBs, ER; surprisingly no one was unemployed and no one is contemplating b schools. My son started out in IB, was promoted to associate level and now he works in PE with a compensation akin to a vice president in an investment bank. He is 26, has done all this without an MBA. Once you are in the business,it’s your performance that counts. As Denzera said, b schools are primarily for career changers.</p>
<p>Many IB firms also hired liberal arts, engineering graduates from top schools and trained them to be analysts. Most of these people had no formal training in basic business courses and it will be necessary for them to pick up more fundamental knowledge in MBA schools.</p>