The rest of the paper proceeds as follows. Section 2 describes the data. A simple model of MBA attainment and the identification strategy are discussed in Section 3. Estimates of the treatment effects are presented in Section 4. Section 5 examines possible explanations for the higher fixed effect estimates for those who attended institutions outside the top-25. In Section 6 we consider the net benefit of an MBA, after taking into account the varying costs of different types of MBA programs. Section 7 concludes
