"no company worth it's salt is going to think twice about hiring a newly minted MBA that 1) has never worked a real job and 2) has no management experience"
It's a nice thought, and I suppose you could discount the vast majority of companies as not being worth their salt, but newly-minted MBAs from top schools seem to be doing just fine relative to the current economy.
I would argue that the top flight schools typically do a better job preparing their MBA students for the real world (externships, more realistic case studies with active participation from visiting corporate leaders, etc) than the bottom 90% do.
I'm surprised at the number of coders I know who got MBAs that just wound up coding again afterwards (just with more debt). In many situations, the (wo)man makes the MBA, not the other way around.
A person who is good with an MBA would likely be equally good without; the inverse holds true as well.
It's a nice thought, and I suppose you could discount the vast majority of companies as not being worth their salt, but newly-minted MBAs from top schools seem to be doing just fine relative to the current economy.