<p>On the MBA issue:</p>
<p>In part of the business world -- the toney, investment banking, billion-dollar financial, etc. part -- an MBA is indispensible for advancement, and a Wharton undergrad degree is not a substitute. (Partly, the networking and social contacts of the MBA program are a significant part of what people get out of it.) In this sector, it hardly matters whether you actually learn anything in an MBA program; you simply aren't a candidate for any meaningful job without one.</p>
<p>In lots of the business world, an MBA isn't necessary at all, unless there are specific skills you don't have that you could learn in an MBA program more easily than on the job. No one asked Bill Gates whether he had an MBA. (He did, however, hire Steve Ballmer pretty early on.)</p>
<p>If you are working your way up from the bottom in a smooth, organic way, and performing excellently at each level, you may never need an MBA. Performance always counts more than credentials if people are really able to judge performance. The problem, however, comes when you want to change jobs or change companies before you have a clear track record that is plain to see. That's where the MBA credential and socialization is really useful. </p>
<p>I don't know enough about people's real career paths in big business to know how to answer the babies question, but I would urge your daughter to look really carefully. She might get off to a faster start with just a Wharton undergrad degree, but it might take longer to get to the point where her performance credentials were solid enough to let her step back for a while and be confident of her ability to return at a high level. I would be interested to hear people's real-world experiences.</p>
<p>I have two semi-relevant examples. My sister has the kind of job MBAs die for, and all she has is a BA in Spanish from Stanford (plus some professional accreditation she got along the way). But it took her into her 40s before it stopped mattering to her compensation and job opportunities that she didn't have the MBA. Well into her late 30s she was working for relatively small organizations, under the radar, and when she finally got her big break it was because she created something new within her company and nurtured it from nothing to something. Had she ever taken a year or two off, her career would have come to a juddering halt (and probably she would have had to get an MBA to restart it).</p>
<p>My wife has the "wrong" credential for her work, and she probably could have done just fine without it. She changed careers, though, after she had her children (when our younger child was 15 months old and she was just 32), and nothing she did after that was remotely mommy-tracked. She worked like a dog for five years to establish her bona-fides, and with the exception of a couple years in a dead-end job (albeit one that changed her focus a lot and provided really invaluable contacts) she has worked harder every year since as more and better opportunities have come her way. If she were to give advice, she would say use the comparative leisure and flexibility of graduate school to have your kids.</p>