Admitted but having second thoughts

[PassionOnSleeves]

I am an Indian applicant and have applied to a few schools this year for my MBA and have secured an admission to SMU Cox school of business in Dallas, Texas.
below is my profile in brief:
GMAT- 710/5
Exp: 5Yrs by June '11
Age : 28
Industry - IT (Software Development - Senior Software Engineer at an US MNC)
Ecs: Volunteer with an NGO in Edu domain, Theatre is a passion so involved in it too in one or the other way. Also was an editor for a magazine for one of the local theatre events.
I wanted to move into Media and Entertainment domain after my MBA and hence applied to UCLA, USC and cornell. And then some schools where I wud be more competitive such as Kelley, SMU Cox, Schulich Canada.
Now the issue is I have been rejected from the top three and I have been offered a place at SMU. Though regionally the school seems to have a good repute, nationally/internationally it seems to lag far behind. I wanted to start my MBA this year itself because I feel more stuck in this profile. But lately after researching more in the internet, i am not feeling so sure.
Since my background is not in Media/Entertainment I know that getting in would be a bit tough, so I want to work in Consulting ( Specifically concentrating in media domain) and with a long term goal of becoming a Media Entrepreneur.
In that respect I feel that I should atleast have a better brand in my Kitty ( Don't know how true is this).
I wanted to start my MBA this year itself particularly because I will complete 5yrs of work ex. before I start MBA and my age being 28. So though I do want to get into Media/Entertainment, I believe not all schools can actually get you into a good position in M&E. so UCLA, USC and NYU and couple of them Near to NYC, may be good. So i applied to both.

And I was also open for a position in consulting post MBA so I applied to schools where I felt more competitive. SMU Cox being in Dallas region - a major financial hub, I was attracted to it and I applied.
Now though I do have an admit, when I researched, I find that employment is more or less Texas oriented and it might not be known in other US regions (unlike McCombs,USC, Indiana Kelley or UNC, Emory).
So I am not feeling so sure whether I should go ahead this year or should apply in the first round next year and get into one of above 4 in brackets.

So my concern arises with the question that, i will get a job in Dallas region but post that will i be able to move around in other regions if in a few years i plan to shift to any other firm in west or east coast.
And to add to this..I will be 29 by fall 2012, with 6yrs exp. Is this going to be advantage/disadvantage for an international when applying to US schools?
What do you think of my competitiveness in the above schools listed?
It would be great if you could also suggest some other schools where you think I would be more competitive and guide me whether waiting one more year i can make into may be better programs in US.

[PassionOnSleeves]

Please guide.

[Lisa Anderson]

Dear PassionOnSleeves,

Forgoing your admission to SMU this year to apply to schools with larger applicant pools for the following year is quite risky, in my humble opinion. Business school admissions was highly competitive this year with many schools seeing an increase in both quality and quantity of applicants. While it is impossible to predict how the applicant pool for next year will look, it will be at least as fierce as this year. I certainly understand your predicament...as such, you might feel the risk is worthwhile if it means you ultimately receive an admission offer from a school you believe to be a better match. However, I encourage you to consider some other factors into your decision. First, the result of your career search is most dependent on you, not where you go to school. In other words, just because you go to a specific school is no guarantee that you will get a job in a particular company or industry. All schools place predominantly in their own backyards, but that is not to say graduates do not secure employment elsewhere. It just requires those folks to put in more effort to the job search--get themselves to those cities for networking and utilizing email and the telephone to make contacts and set up meetings. It is easier to conduct a job search when you are geographically close to/in the city where you want to be; however, Dallas is a central location with 2 active airports, not to mention the increasing use of technology, to make up for geographic hurdles. SMU might not have as many alumni as some other schools, but it does have alumni in many cities around the world who are probably willing to be a warm contact. Secondly, whether or not you are competitive for a job opportunity and ultimately receive an offer depends on you, not the reputation of your school. You, your past experience and salesmanship, are what will get you the interview and the job offers. Finally, once you have been out of business school for a couple of years, it is your experience that matters most, not where you went to school, in securing the next opportunity.

Your age is not really a factor should you decide to forgo your seat at SMU. However, with each year, you are moving higher up the experience range for a daytime program and need to be cognizant of that when conveying your rationale for business school. Another year of experience is not going to strengthen your profile, so unless you can strengthen it in other ways, your competitiveness will be similar to this year. At this point, I think you have to weigh the risk of giving up your definite chance to go to business school against the possibility of going to one of those other schools--do you feel the risk is worth it?

Best of luck,
Lisa

[PassionOnSleeves]

Hi Lisa,
Thanks a lot for such a detailed reply. Being practical enough your point is very well taken and I was thinking of joining this year itself. But now there is a big complication.
SMU is a very very expensive education for an Indian International who has not been living in US and all internationals are dependent on the generous scholarships which SMU offers.
Unfortunately I have not been offered a scholarship probably because I applied or was considered late.
Without a scholarship it will cost more than 100k dollars,which would a very huge investment in times like these and will/can be a huge burden.
In that sense I feel I should definitely wait another year.
What do you think?

Thanks
PassionOnSleeves

[Lisa Anderson]

You have to do what you feel is best for you. Business school is an expensive investment in you and your career. Scholarships are never something to expect from any school, so you must be prepared to pay for the entire cost. I hope you are able to secure your funding and attend business school, whether at SMU now or elsewhere.

Regards,
Lisa