What's the difference if you're going to do MBA at age 32/ 33/ 34?
It doesn't really matter. Just look at the age profile of people at IMD.

I think you have a solid working experience at managerial level and have a shoot at really good schools (Ie. IESE, HEC, LBS, IMD).
You should apply now.

Because in 2 years from now, I don't think the world will have a better economic condition.
With U.S., U.K., and PIIGS are under threat loosing their Investment grade credit rating.
China is still creating bubble in Asia. The world still needs 5 year to get back on their feet.

If you wait until the economy is back to normal, you will only go back to school in 2015.
Then you'll be a 35 years old engineer with no MBA.

Thanks for your advice.

You make some good points. I'm thinking now that rather than doing a full-time MBA, I might do one part time so that I can continue to work. My job is pretty flexible so I can work from pretty much anywhere, and I'd like to be in an actual classroom rather than doing something online.

I don't like the idea of losing out on two year's worth of salary, and it seems as if the earning potential of part-time MBAs is still about the same as for full-timers.

Another point you may need to consider is whether it's possible for you to even switch into MC. You're 32, you'll graduate at 34 - assuming that you go to a top school, you'll be competing against your classmates that are 5 - 10 years younger for the same position.

Unless you're exceptional, it might be hard for say, McKinsey to consider a 34 year old vs a 26 year old (who has probably fewer family commitments, able to work longer hours etc) for the same position.

If I'm not wrong, IMD is more geared towards the older crowd that also trend towards positions in management, not so much a career switch to MC.

But all that's said and done, you'll never know if you can do it unless you try :) Go for it, 2 years forgone salary is just money that can be made again, elsewhere, several-fold if you're that good. So that shouldn't be a worry.

Some schools don't have the same recruitment opportunities for a part-time program that their full time program would have.

Thanks for the tips!

IMD is definitely an option, but I have mainly been looking at schools in the states. The more I think about it, the more I'd like to stay in my job here and try a part-time program. I've been looking at Pepperdine's, since I'm pretty close to one of their campuses - and it looks like a pretty good/flexible option.

But there are a few more schools in the area that I'm going to check out first.