Let’s start at the beginning. Do you need an MBA?
Do you want to work in the US? If so, you probably do need one. US companies (and their foreign subsidiaries) look far more favourably on those with an MBA. Yes, it’s two years out of work, but it was described to me as “having a rocket up your ass” for the rest of your career. On the other hand, European companies in Europe are a little snotty about it. One director at a large company that shall remain nameless said “the MBA is not very trendy”. Admittedly he was a dick, but it’s a common feeling on this side of the pond.
Do you have a rubbish university grade / GPA? If you do, getting an MBA from a great school goes a long way to mitigate that. It proves to any employer that you’re not a bum, and you can work your ass off when required.
Are you a career switcher? If so, it’s a great idea to get a rounded business education. It’s hard to go from being a tech gimp into management – you can prove you’re clever, but you can’t prove that you know anything about marketing or finance. If you have a business background already, consider that two years of business experience could be more valuable for what you want to do.
If you answered no to all of these questions, get your ass back to work. Feel smug in the knowledge that while all those MBAs are paying out a disgusting sum of money, you’re earning it.