[alum]

I-bankers definitely need an MBA from a Tier One Business School. Whether they work in hedge funds, mutual funds, individual private accts etc, it will be necessary for advancement.

For others, the MBA vs a different MA//MS may be not as much of a priority. I advise graduate students, the majority of which are looking for an executive program so they can concurrently continue with their employment while pursuing the MA/MS/MBA. If they are in a highly specialized field, they tend to go for the MA in the specialized field ie FBI, CIA, NSA folks look for a Master's in National Security. Procurement and acquisition analysts as well as logisticians go for the MA in Procurement and Acquisitions Mgmt. The generalists go for the MBA.